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In Dubai, real estate transactions reached a 13-year high in May

In Dubai, real estate transactions reached a 13-year high in May

According to experts, the total volume of transactions in the Dubai residential property market in May overcame a 13-year high, due to wealthy individuals and investors planning business migration to the most economically successful emirate.

According to the latest report published by the international consulting company CBRE, the total volume of residential real estate transactions increased by 33% to 5,542 residential units sold in May 2022, while the total volume of transactions for the year reached 30,903, which is the most impressive figure since 2009.

The consulting company reported continued growth in sales of housing under construction (off-plan) and an increase of 55.4%, while sales in the secondary market increased by 18% in the same month.

As for the increase in the value of objects, in its report CBRE reported an increase in the average price of real estate by 10.9% for the year to May 2022. CBRE also reported an increase in prices for apartments and villas this year by 9.6% and 19.8%.

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