Exploring Dubai Market Update 2023

The Dubai real estate market in June 2023 witnessed significant changes compared to the same period in the previous year. The total property sale transactions reached 10,457, representing an 18.5% increase from June 2022.

Apartments surged by 39.9%, with 8,207 sales (average price AED 1.3 million), while villas declined by 31.9% (average price AED 2.6 million). Commercial properties decreased by 6.9%, and plots increased slightly by 2.1%. Top off-plan projects included "Damac Bay," "Maha Townhouses," and "Design Quarter."

In June 2023, the Dubai real estate market exhibited a robust growth in total sales value, reaching AED 30.4 billion, which represented a remarkable 34.6% increase compared to the same period in the previous year. This surge in sales value can be attributed to the increased demand for properties in various segments, including apartments, villas, commercial properties, and plots. Moreover, the rental market also experienced notable growth during this period. Apartments witnessed a substantial 12.5% increase in rental prices, with the average rent rising to AED 54,000. This rise in apartment rents can be attributed to an influx of expatriates and growing demand for urban living spaces, particularly in popular areas like Dubai Marina, Jumeirah Village Circle, and Jumeirah Lake Towers.

Analyzing the top-performing areas in June 2023, Dubai Marina, Jumeirah Village Circle, Jumeirah Lake Towers, Mohammed Bin Rashid City, and Dubai Hills Estate have emerged as the leading locations.

Most property sales transactions were below one million AED, followed by properties in the price range of 3 to 5 million AED. The overall trend in property prices showed an upward trajectory in June 2023, with apartments, villas, commercial properties, and plots all experiencing significant increases compared to the same period in 2022.

In June 2023, the Dubai real estate market showcased a balanced distribution between off-plan and ready properties. While the comparison does not consider plot transactions, it reveals that 44% of the total property sales volume was attributed to off-plan properties. In contrast, the remaining 56% comprised ready properties. Similarly, in terms of sales value, off-plan properties accounted for 40% of the total sales value, while ready properties contributed 60%. This indicates a considerable demand for both off-plan and ready properties, reflecting buyers' diverse preferences and investment strategies in the Dubai real estate market.