Dubai's real estate market achieved a historic milestone in May 2023, with sales reaching AED 66.9 billion, marking the highest monthly sales figure ever recorded.

This remarkable performance consisted of 18,654 transactions across various categories of property sales, significantly exceeding the AED 61.76 billion recorded in April, which itself was previously considered an all-time high.

According to data from the Dubai Land Department, the first five months of 2023 have seen total property sales amounting to AED 271.78 billion, attributed to 81,910 transactions during this period.

In May alone, the sales included 14,432 residential units, 947 buildings, and 3,275 plots of land.

The total value of mortgages registered in May reached AED 14.32 billion, encompassing 2,812 residential units, 503 buildings, and 1,040 pieces of land.

Additionally, the value of property gift transactions in May was AED 4.02 billion, covering 724 residential units, 66 buildings, and 142 plots of land.

From the beginning of the year to the end of May, the total value of property sales accumulated to AED 271.78 billion, with sales of 62,630 residential units, 6,375 buildings, and 12,905 plots of land.

The total mortgage transactions for the first five months amounted to AED 70.54 billion, including 12,963 residential units, 2,224 buildings, and 4,617 plots of land.

The value of property gifts during this timeframe reached AED 17.72 billion, accounting for transactions involving 2,958 residential units, 265 buildings, and 638 plots of land.

On a daily basis, transactions on a single day recorded AED 3.71 billion, which included AED 2.50 billion from sales.

Mortgage transactions amounted to AED 1.05 billion, while property gifts totaled AED 151.59 million.

Several areas and developments within Dubai showed a notable increase in real estate sales during the first four months of the year, particularly in the Emaar South community and the Jumeirah Lakes Towers area.

Experts in the real estate sector have indicated that Dubai's property sales continue to break records, demonstrating resilience against global economic fluctuations.

This has been supported by the appeal of new projects and the diversity of Dubai's real estate market, which attracts investors from various nationalities.

Real estate expert Sufyan Al-Salamat remarked on the continuous record-breaking sales patterns in Dubai, emphasizing the strength of the sector in attracting new investors and maintaining confidence in real estate investments.

Another expert, Raad Ramadan, noted that the ongoing growth of the Dubai property sector reflects the dynamic and diverse nature of the market, catering to the various needs of investors and offering attractive returns compared to many cities globally.