Week 02 – Dubai Real Estate Market Report – Residential | May 2024

The second week of May witnessed a moderate drop of 20% on a week on week basis, however was 9% higher than the average of past 6 weeks, reaching a total of 2,969 units transacted. The overall transaction value totaled around AED 7.33 Billion, which was 22% lower than the previous week, however was 11% higher than the 6 week average.

The weighted average size of transact-ed units increased marginally by 2% to 1,405 square feet, indicating a demand for comparative-ly spacious homes. The median price maintained at similar level from the previous week at AED 1,728/sft. This slight weekly dip may be attributed to a significant number of transactions taking place in the peripheral areas of Dubai, where property values tend to be lower compared to the prime city, along with changing consumer preferences.