Dubai’s real estate market has been booming and evolving consistently for the past few years. Every year, we see a magnificent rise in sales or rental values and volumes in many prominent and famous communities of Dubai. This trend is expected to continue in the coming years, with more and more people investing in real estate in the emirate. This could result in a further increase in rental values and volumes, as well as higher capital gains for investors.
As 2023 is over and even the first quarter of the new year 2024 has passed, let us recap Dubai’s real estate market 2023. Through this article, we will take a deep dive into Dubai’s real estate market performance in 2023, we will discuss the sales transaction values and volumes and highlight the dominant areas of Dubai that play a pivotal role in the exceptional performance of the city.
Brief Overview Of Dubai’s Real Estate Transactions In 2023
118,993 is the total number of residential transactions that have been registered in 2023. This is the record-breaking transaction in Dubai’s real estate history and it is 29.6% more than the transactions recorded in 2022. 31.9% increase in off-plan sales and 26.3% increase in secondary property sales have been recorded in 2023 as compared to the previous year.
Volume Of Dubai’s Real Estate Transactions In 2023
This section discusses the total number of transactions recorded in the real estate sector, including off-plan properties and ready or secondary properties.
Total Sales Transactions Volume
In 2023, the total sales transactions recorded were 133,134. In 2022, it was 96,459 in 2022. So, we can observe a significant increase in the number of transactions in 2023 compared to the previous year.
An increase of 38% in transaction volume has been recorded, making it the best-performing year ever.
During this year, a total of 178 areas of Dubai contributed to property sale transactions. Al Barsha South Fourth, Jebel Ali First, and Al Warsan First are the top listed areas that contributed 10% of total sales transactions in Dubai.
Off-Plan Sales Transactions
Let us look at off-plan sales contributions to Dubai’s real estate market in 2023. The total number of transactions recorded in off-plan sales is 68,783. This is the highest number ever recorded in the year in off-plan projects. In 2022, it was 43,141 which shows a 59.4% increase.
A total of 45 areas of Dubai were listed for the contribution to off-plan sales in the real estate market in 2023.
Ready Sales Transactions
64,351 is the number of transactions recorded for ready sales transactions and this number for existing property sales made a new record in the year 2023. In the previous year, it was 53,308 which shows a 20.72% increase.
Value Of Dubai’s Real Estate Transactions In 2023
The total amount recorded in property sales in 2023 is the value of Dubai’s real estate transactions. Here is the detail of the total amount in Dubai’s real estate transactions in 2023.
Total Sales Transactions Values
In 2023, the total sale transaction value recorded is AED 411.74 billion which is the highest value ever recorded in history and it is a 56% increase compared to the year 2022 because, in the previous year, it was AED 264.34 billion.
Off-Plan Sales Transactions
The off-plan projects contributed to 39% of the total value of sales transactions in 2023 and it was the highest recorded value in history. AED 160.46 billion is the total transaction value in off-plan sales in Dubai’s real estate market in 2023. In the previous year, 2022 AED 93 billion was recorded in sales value and in comparison, between two years, 72.3% is the increment in sale values.
Ready Sales Transactions
AED 251.3 billion is the amount recorded for ready sales transactions in Dubai in 2023, compared to AED 171.2 billion in 2022 and it shows a 46.76% increase in value.
Most Demanding Areas For Sale And Rent In Dubai, 2023
Popular Areas For Apartment Sale
- Dubai Marina
- Downtown Dubai
- Jumeirah Village Circle
- Business Bay
- Palm Jumeirah
Popular Areas For Apartment Rent
- Dubai Marina
- Jumeirah Village Circle
- Downtown Dubai
- Business Bay
- Jumeirah Lake Towers
Popular Areas For Villa Sale
- Dubai Hills Estate
- Palm Jumeirah
- Arabian Ranches
- Damac Hills
- Muhammad Bin Rashed City
Popular Areas For Villa Rent
- Dubai Hills Estate
- Damac Hills 2
- Al Barsha
- Jumeirah
- Damac Hills
Property Sale Prices In Dubai, 2023
Sale Prices For Apartments
Dubai Marina
| 1-Bedroom | 2-Bedroom | 3-Bedroom |
| AED 1,450,000 | AED 2,400,000 | AED 3,800,000 |
Downtown Dubai
| 1-Bedroom | 2-Bedroom | 3-Bedroom |
| AED 1,900,000 | AED 4,100,000 | AED 6,000,000 |
Jumeirah Village Circle
| 1-Bedroom | 2-Bedroom | 3-Bedroom |
| AED 850,000 | AED 1,500,000 | AED 2,031,000 |
Business Bay
| 1-Bedroom | 2-Bedroom | 3-Bedroom |
| AED 1,550,000 | AED 2,500,000 | AED 3,600,000 |
Palm Jumeirah
| 1-Bedroom | 2-Bedroom | 3-Bedroom |
| AED 2,900,000 | AED 4,950,000 | AED 7,000,000 |
Sale Prices For Villas
Dubai Hills Estate
| 3-Bedroom | 4-Bedroom | 5-Bedroom |
| AED 5,600,000 | AED 6,100,000 | AED 9,575,000 |
Palm Jumeirah
| 3-Bedroom | 4-Bedroom | 5-Bedroom |
| AED 13,603,000 | AED 30,000,000 | AED 36,450,000 |
Arabian Ranches
| 3-Bedroom | 4-Bedroom | 5-Bedroom |
| AED 3,775,000 | AED 6,500,000 | AED 8,950,000 |
Damac Hills
| 3-Bedroom | 4-Bedroom | 5-Bedroom |
| AED 2,900,000 | AED 4,036,000 | AED 7,150,000 |
Muhammad Bin Rashid City
| 3-Bedroom | 4-Bedroom | 5-Bedroom |
| AED 3,400,000 | N/A | AED 21,000,000 |
Property Rental Prices In Dubai 2023
Rental Prices For Apartments
Following are rental price trends for apartments in some most prominent areas in Dubai in 2023:
Dubai Marina
| 1-Bedroom | 2-Bedroom | 3-Bedroom |
| AED 110,000 | AED 160,000 | AED 250,000 |
Jumeirah Village Circle
| 1-Bedroom | 2-Bedroom | 3-Bedroom |
| AED 68,750 | AED 95,000 | AED 138,000 |
Downtown Dubai
| 1-Bedroom | 2-Bedroom | 3-Bedroom |
| AED 130,000 | AED 255,000 | AED 360,000 |
Business Bay
| 1-Bedroom | 2-Bedroom | 3-Bedroom |
| AED 95,000 | AED 145,000 | AED 220,000 |
Jumeirah Lake Tower
| 1-Bedroom | 2-Bedroom | 3-Bedroom |
| AED 80,000 | AED 115,000 | AED 160,000 |
Rental Prices For Villas
The average rental prices for villas in some popular areas in Dubai in 2023 are given below:
Dubai Hills Estate
| 3-Bedroom | 4-Bedroom | 5-Bedroom |
| AED 330,000 | AED 342,000 | AED 488,000 |
Damac Hills 2
| 3-Bedroom | 4-Bedroom | 5-Bedroom |
| AED 85,000 | AED 103,000 | AED 130,000 |
Al Barsha
| 3-Bedroom | 4-Bedroom | 5-Bedroom |
| AED 306,000 | AED 350,000 | AED 400,000 |
Jumeirah
| 3-Bedroom | 4-Bedroom | 5-Bedroom |
| AED 330,000 | AED 342,000 | AED 488,000 |
Damac Hills
| 3-Bedroom | 4-Bedroom | 5-Bedroom |
| AED 210,000 | AED 322,500 | AED 420,000 |
Final Verdict
The year 2023, has been recorded as a highest-performing year in Dubai’s real estate market. The above-detailed market report will help to realize and find out the best area for investment and finding the best home in the highest demanding areas in Dubai.
For Information do visit ERE Homes Real Estate
