Dubai's luxury real estate market continued to attract strong investment in May, with developers recording almost AED5 billion ($1.36 billion) in off-plan sales for homes priced above AED5 million.
A market analysis from the Keturah luxury brand shows villa buyers accounted for AED2.51 billion across 184 transactions, while apartment sales reached AED2.45 billion from 207 deals.
The strongest villa activity came in the AED10-20 million bracket, where 60 transactions generated AED834.2 million in developer off-plan sales, with a further 23 deals worth AED746.3 million recorded in the AED20-50 million range.
Data from DXBinteract shows that apartment sales were concentrated in the AED5-10 million bracket, which accounted for 158 of the 207 transactions recorded during the month.
With a total of 391 apartment and villa sales amounting to AED4.96 billion, it means an average of 12 off-plan homes each worth more than AED5 million were sold every day of the month, at an average of AED12.7 million per property.
“This is the equivalent of almost 400 homes each worth more than £1 million in London, and $1.36 million in New York, being sold in a single month,” said Talal M Al Gaddah, CEO and Founder of the Keturah luxury brand.
“It says a great deal about Dubai's standing among the world's leading real estate markets, and about the depth of confidence that continues to exist here.”
Al Gaddah: “This market has proven over many years that its resilience is structural rather than cyclical. When conditions become more challenging, that foundation holds, and serious capital continues to move.
"At the same time, the definition of luxury in real estate is evolving, as global investors focus more on wellness, liveability, environmental quality, privacy, and long-term residency potential."
Keturah currently has two major residential developments under way in Dubai that sit directly within this market segment. Keturah Reserve is an AED5.7 billion bio-living community in Mohammed Bin Rashid City's District 7. The Ritz-Carlton Residences at Keturah Resort is a wellness-certified waterfront community along Dubai Creek adjacent to the Ras Al Khor Wildlife Sanctuary. – TradeArabia News Service
