Dubai Weekly Property News Round Up – 08.06.24

Welcome to this week’s edition of our Dubai Property News Update! We’re excited to bring you the most recent and impactful developments in the Dubai real estate market. In this issue, we cover record-breaking transaction volumes and values, a major expansion plan for the iconic Dubai Mall, and the rising demand for affordable real estate in neighbouring emirates.

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Now, let’s take a look at the latest headlines that have caught our eye this week…

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Property News This Week

Dubai realty hits all time peak in May: Dubai’s real estate sector recorded the highest volume and value of transactions ever last month, data showed on Thursday. According to Property Finder’s market performance highlights for May, a total of 17,713 transactions were recorded, increasing by 53 per cent compared to May 2023. The value of these transactions increased by 38 per cent, touching Dh46.5 billion.

The market saw a massive rise in volume surpassing the previous peak achieved in March 2024 by 10 per cent, and crossing the highest value achieved in December 2023 by 30 per cent, data showed.

Dubai Mall, one of the world’s largest, is getting even bigger with a $400 million expansion: The Dubai Mall, one of the largest malls in the world, is set to get even bigger with a planned expansion that will cost an estimated 1.5 billion dirhams ($408 million).

The sprawling, glitzy shopping complex in the United Arab Emirates’ commercial capital is already home to 1,200 stores and 200 food and beverage vendors, a 10-million-litre (2.2-million-gallons) aquarium, an Olympic-sized ice skating rink, an indoor Chinatown, a virtual reality park, an indoor SEGA theme park, and one of the world’s largest candy stores.

Spanning 12 million square feet of floor space, the mall is also connected to the Burj Khalifa, the world’s tallest skyscraper. The mall’s developer, Emaar Properties this week announced the building’s expansion plan, which will add 240 new luxury stores and food and drink venues.

As Dubai property prices peak, demand for affordable real estate rises in other emirates: As property prices in Dubai peak, demand for freehold properties in the neighbouring emirates of Abu Dhabi, Ras Al Khaimah and Sharjah is increasing, according to experts. “Abu Dhabi’s residential market has been relatively subdued when compared to Dubai, with prices remaining stable over the last four years,” Faisal Durrani, partner and head of Research (Mena) at real estate consultancy Knight Frank, told Khaleej Times. “It is this stability, combined with the fact that prices in Abu Dhabi are, on average, about a third cheaper than Dubai, that has contributed to rising transactional activity.”

That’s all of this week’s most important news. If you’ve got any comments or questions about any of these headlines, hit reply and we talk further about the market and your own property investment goals.

Otherwise, I’ll see you next week for your property market round-up. Have a great weekend!