May 2022 was the most successful month for the real estate market in Dubai in history

The race of prices and sales in the Dubai real estate market continued in May, when deals worth 18.3 billion dirhams ($4.98 billion) were concluded. This figure is the second largest in the history of the emirate. In the first place is the indicator registered in May since 2009. The most expensive deals in May 2022 were concluded in the areas of Dubai Marina, Downtown Dubai and The Springs.

The average cost of apartments in Dubai Marina in May was registered at the level of 1.8 million dirhams ($490,000), which is significantly higher than the prevailing rate a year ago - from 1.3 million dirhams to 1.4 million dirhams (350,000 – 380,000 dollars). According to market sources, the average prices in Downtown Dubai are 2.89 million dirhams ($790,000), which is 15% higher than at the same time last May. The Springs had deals averaging 2.99 million dirhams ($810,000).

Over the past five months, including May, a significant number of transactions with houses worth 50 million dirhams ($13.61 million) have been concluded in Dubai. On the eve of the peak summer, real estate sources say that several more such price hikes can be expected, as wealthy buyers are still considering their purchase options.