Dubai Home Sales Hit Record $18.2B Driven by Population Growth
Dubai's property market achieved record-breaking home sales in the first five months of the year, with transaction values hitting AED 66.1 billion (USD18.2 billion). This upswing comes amid a steady rise in the city's population and an influx of new residents, according to a recent report.
Betterhomes reported that 47,187 residential units were sold between January and May, reflecting a 21% increase compared to the same timeframe last year. In May alone, sales surpassed AED13.3 billion, marking the highest monthly performance ever recorded.
Dubai's population rose to 3.7 million in May, up from 3.65 million in January, highlighting continued demographic growth that is fuelling demand in the housing sector.
Apartments remained the most sought-after property type, comprising nearly 80% of total transactions. The areas seeing the strongest activity included Dubai Marina, Jumeirah Village Circle, Business Bay, Downtown Dubai, and Palm Jumeirah.
The villa segment also witnessed robust growth, driven by demand for larger living spaces and community-based living. Popular areas for villa sales included Dubai Hills Estate, Arabian Ranches, and The Springs.
The report noted that while cash transactions continue to dominate, the number of mortgage buyers is steadily rising. This trend suggests increased confidence in the long-term value of property investments.
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