Average deals at Downtown and The Springs approach Dh3m mark as values soar.

Dubai: Dubai property market’s rally has extended into May, with Dh18.3 billion worth of deals. This tally is the second highest recorded for May since 2009, with Dubai Marina. The Downtown and Springs having the highest deals.

A Dubai Marina apartment deal during May was set at Dh1.8 million, well over the Dh1.3 million to Dh1.4 million that was the prevailing rate a year ago. Downtown Dubai average values are inching closer to Dh3 million at Dh2.89 million, easily 15 per cent higher than what it was same time last, according to market sources. In The Springs, deals were being signed at Dh2.99 million.

A Director of Data and Digital Transformation said that last month, we saw a repeat in trend with May being the second highest on record for sales volume and value, with May 2009 being the highest.

Through these five months, there was a steady number of deals involving Dh50 million and over homes, which further bolstered the tally. Ahead of peak summer, property market sources say a few more could be expected, with wealthy buyers still mulling their options on what to buy.