According to the latest report by Property Monitor, a staggering 17,139 sales transactions were recorded in May. This eclipses the prior record set in April 2009, signifying a renewed surge in investor confidence. While price growth slowed compared to recent months, property values remain at historic highs, exceeding the 2014 peak by over 10%.
Off-plan sales, representing properties still under development, are a major driver of this boom. These transactions accounted for over 60% of the market in May, highlighting investor interest in future projects. Emaar Properties led the off-plan sales race, followed by Sobha and Azizi Development. Interestingly, the fastest price growth occurred in the AED 2-3 million range, fueled by exciting developments like Lillia in Dubai Hills and Sobha One.
The good news extends to financing options as well. Mortgage borrowing surged by a remarkable 57.9% compared to April, showcasing continued accessibility despite rising interest rates.
