Dubai’s real estate market entered a more measured phase in May, with transaction values falling sharply from both the previous month and the same period last year. But the headline decline tells only part of the story.

Total real estate transactions reached Dhs40.63bn in May 2026, down 37.5 per cent from Dhs65.03bn in April and 49.1 per cent below the Dhs80.72bn recorded in May 2025. The number of transactions also declined to 12,879, compared with 17,792 in April.

At first glance, the figures point to a clear slowdown. Yet a closer look suggests Dubai’s market is not simply losing momentum; it is becoming more selective.

Activity in May was almost evenly split between off-plan property and land transactions, each accounting for just over 40 per cent of total transaction value. Off-plan sales reached Dhs16.35bn, representing 40.2 per cent of the market, while land deals totalled Dhs16.34bn, also accounting for 40.2 per cent. Ready property transactions stood at Dhs7.95bn, or 19.5 per cent of the total.

The distribution of activity across Dubai’s leading communities further highlights where demand remains concentrated. In the off-plan segment, Business Bay led the market with Dhs2.42bn in transactions, followed by Dubai Islands at Dhs1.41bn and Dubai South at Dhs1.29bn.

In the ready market, demand remained focused on Dubai’s mature and premium residential districts. Burj Khalifa topped the rankings with Dhs713.9m in transaction value, followed closely by Business Bay at Dhs656.3m and Palm Jumeirah at Dhs586.3m. Jumeirah Village Circle (JVC), Dubai Marina and Jumeirah Lake Towers (JLT) also recorded strong activity, underscoring the resilience of established communities that continue to attract both investors and end-users.

The month’s highest-value transactions reinforce this trend. The largest deal recorded was a land sale in Jumeirah Bay worth Dhs280m, underscoring the continued appetite for prime development opportunities.

In the off-plan segment, the highest-value apartment transaction was a Dhs112.6m unit at Solaya in Jumeirah First, while the top villa sale reached Dhs41.1m at Karl Lagerfeld Villas by Taraf in Wadi Al Safa 3.

In the ready market, the highest apartment transaction was a Dhs50.3m sale at Serenia Residences on Palm Jumeirah, while the top villa transaction reached Dhs60m at Club Villas on Palm Jumeirah.

Rather than reflecting broad-based demand across the market, these transactions highlight how capital is increasingly concentrated in ultra-prime assets, strategic land acquisitions and premium development-led opportunities.

This composition is important. It shows that investor and developer confidence remains active, but capital is increasingly concentrated in development-led opportunities rather than broad secondary-market turnover.

In other words, the market is no longer being lifted equally across all segments. It is being driven by specific pockets of demand, particularly land, future supply and income-generating development potential.

• Ali Shahin is the founder of The Real Estate Report, an independent platform that dives into the data driving the property sector in the UAE. You can follow The Real Estate Report on substack or via its website.

Dubai’s immigration authorities have highlighted a streamlined application process for visitors seeking single-entry tourist visas, with an expected processing time of within 48 hours.

In a social media post, the General Directorate of Residency and Foreigners Affairs (GDRFA) – Dubai said visitors can apply for either a 30-day or 60-day single-entry tourist visa by completing the required documentation, describing the process as part of efforts to ensure a smooth and efficient entry experience for travellers arriving in the emirate.

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According to the authority, applicants are required to submit a recent personal photograph and a copy of a valid passport. Citizens of certain countries may also be required to provide a copy of their national identity card as part of the application process. Once all required documents have been submitted, visa applications are expected to be processed within 48 hours.

According to information available on GDRFA’s services platform, government fees for single-entry tourist visas start from Dhs200 for a 30-day visa and Dhs300 for a 60-day visa, excluding applicable value-added tax and certain service charges.

The announcement comes as Dubai continues to advance its digital government services and customer-focused initiatives aimed at enhancing the visitor journey. Faster visa processing supports the emirate’s broader efforts to strengthen its position as a leading global destination for tourism, business and international events.

The move also aligns with ongoing efforts by Dubai’s government entities to simplify administrative procedures and improve service delivery through digital channels, supporting the emirate’s long-term economic and tourism growth objectives.

Gold fell to an 11-week low on Wednesday, as oil prices rose on renewed hostilities between the US and Iran, fuelling concerns about inflation and interest rate hikes.

Spot gold was down 1.7 per cent at $4,191.84 per ounce by 0747 GMT, after hitting its lowest level since March 23. US gold futures for August delivery shed 1.6 per cent to $4,215.60.

Read more: Market moves: Commodities split as gold, silver and diamonds take different paths

“We’re seeing a kind of readjustment broadly in what global central banks are going to do, and there’s been a major hawkish shift,” said Ilya Spivak, head of global macro at Tastylive.

The US on Tuesday launched strikes against Iran after President Donald Trump said Tehran had shot down a US Apache helicopter in the Strait of Hormuz.

Iran’s Revolutionary Guards said they retaliated with attacks against a U.S. base in Jordan and 21 other targets in the Gulf on Wednesday.

Oil prices rose, keeping up expectations that interest rates would stay higher for longer. O/R

While gold is seen as a hedge against inflation, higher rates tend to weigh on the non-yielding metal.

Traders are now pricing in a more than 70 per cent chance of a US rate hike by December, according to the CME FedWatch tool.

Markets are awaiting key US inflation reports this week, including the May Consumer Price Index data later in the day and the Producer Price Index reading on Thursday, to gauge the Federal Reserve’s monetary policy stance.

“If we can break the $4,100 level, I think the path of resistance fundamentally changes for gold, and we might be starting to look at $3,500 as the next level into the end of the year,” Spivak said.

A tanker operating off the coast of Oman has reported an engine-room fire that left one person dead or injured and two crew members missing, according to a warning issued by the United Kingdom Maritime Trade Operations (UKMTO) on Wednesday afternoon.

The incident occurred approximately 20 nautical miles northeast of Sohar, Oman, at 1:30 pm on Wednesday (UAE time).

Local authorities said they were assisting with the evacuation of the vessel’s crew after the fire broke out on board, according to the UKTMO.

The vessel reported one casualty and two missing crew members, while no environmental impact had been recorded.

UKMTO classified the incident as “suspicious activity”, although the advisory did not indicate whether the fire was caused by an accident or any external action. The cause remains under investigation.

The alert came just hours after another maritime security incident in the region.

Earlier on Wednesday, a cargo vessel transiting waters approximately 88 nautical miles southwest of Balhaf, Yemen, reported being approached by a small craft carrying six armed individuals.

According to UKMTO, an exchange of fire took place between the armed men and the vessel’s embarked Armed Security Team, forcing the small craft to turn away. No injuries or damage were reported.

The back-to-back incidents come amid heightened tensions across key Middle East shipping lanes following a sharp escalation between the US and Iran.

On Wednesday, Iran’s Revolutionary Guards said they had launched attacks against a US base in Jordan and multiple targets across the Gulf, including Bahrain and Kuwait, in retaliation for American strikes near the Strait of Hormuz.

The US military said it had targeted Iranian air-defence systems, surveillance radar sites and command infrastructure after President Donald Trump accused Iran of downing a US Apache helicopter operating near the strategic waterway.

Bahrain activated warning sirens during the Iranian response, while Jordan and Kuwait reported intercepting incoming missiles and drones. Initial US assessments indicated that most of the projectiles were intercepted, with no immediate reports of damage to US facilities or personnel.

Meanwhile, UKMTO has advised vessels operating in the region to remain vigilant and report any suspicious activity.

Indian Prime Minister Narendra Modi is likely to hold bilateral talks with US President Donald Trump on the sidelines of the Group of 7 summit, with trade, visas and energy cooperation set to be high on the agenda, an Indian government source said.

The June 15 to 17 summit, in the French town of ​Evian-les-Bains, will bring together leaders from the world’s ⁠major economies, including Trump, alongside other ​high-level delegations from countries including India.

Modi is set to start his five-day visit from June 13 and will travel to Slovakia after attending the G7 meeting.

“The prime minister is expected to hold talks on the trade ties, energy cooperation, and also take up the issue of H-1B visas,” the source with direct knowledge of the matter said.

A meeting between the two leaders would come at a delicate moment in ties between New Delhi and Washington, which have been strained by US tariffs on Indian goods and Trump’s repeated assertions – which India denies – that he intervened to end India’s brief conflict last year with Pakistan.

Recent high-level engagement, including US Secretary of State Marco Rubio’s visit to India last month, has helped ease some of the tension, with the two sides discussing trade, visas, maritime security, energy supplies and the Middle East.

Trade talks between New Delhi and Washington are moving towards the first tranche of a bilateral trade agreement which could be concluded by mid-July, India’s Trade Minister Piyush Goyal said last week.

India is pushing for preferential tariff treatment from the United States as part of negotiations on an interim trade deal.

Washington has also proposed an additional 12.5 per cent tariff on imports from India and several other countries, alleging the use of forced labour – which India has rejected.

“The talks on the additional tariff have not concluded yet and we are hopeful that we will get competitive rates,” a second Indian government source said.

India’s foreign ministry and the US embassy in India did not respond to requests for comment.

The tightening of requirements for H-1B visas is also set to feature in the likely Modi-Trump discussion, given its implications for thousands of Indians working in the United States, the first source said.

The source added that Modi and Trump may also discuss potential energy cooperation involving the United States and Venezuela.