April - 2023 | Dubai Real Estate Market Report


 April - 2023 | Dubai Real Estate Market Report

Dubai has once again continued to smash its previous monthly records.

This was the best-performing month of April on record, for both sales volume and value.

There were more than 8,000 total property transactions, an increase of over 16% compared to April 2022. 

We witnessed a total sales value of AED 26.5B, an increase of over 46% compared to April 2022.

A plot sold in Mugatrah at a staggering AED 3.8B, marking the biggest deal ever recorded in Dubai.


Sales Volume - April Over The Years

All property types | off-plan and ready-made


Sales Value - April Over The Years

All property types - off-plan and ready-made


Transactions Breakdown

(Off-Plan & Ready Property Combined)

April Sales volume and value by property type

Villa sales continue to drop in both sales volume, with the total sales transactions being down by nearly 30% compared to April of 2022. 

Mortgage Transactions and Value

We’ve seen a surge in mortgage transactions, with a nearly 50% increase in the value of transactions compared to April 2022. The number of transactions has increased by 33% compared to April 2022. 

Price Changes

Price Changes by Property Type


Avg. AED Price 

vs. April 2014 %

vs. April 2022 %

Off-plan apartment




Off-plan villa




Ready apartment




Ready villa








The average price per square foot is now up to AED 1.28K, which is the highest on record for the month of April.

Price-per-square-foot - April, Over the Years (AED) - Off-plan and ready - All property types


Off-Plan vs. Ready Properties

Off-plan transactions are beginning to outweigh ready property transactions, with 55% of the overall transactions being off-plan. 

Off-plan vs. Ready Property (Plot transactions not considered)


Top Performing Areas

Jumeirah Village Circle has taken the lead in off-plan sales, with a total sales volume of 789, nearly doubling the runner-up (Dubai Hills Estate) by nearly 400 transactions. 

Dubai Marina is the top-selling area for ready properties, with a sales volume of 383, and a value of AED 1.05B.

Top Selling Areas - Off-plan and ready, all property types



  • Off-plan: 786 transactions, worth AED 660M
  • Ready: Dubai Marina - 382 transactions, worth AED 1.05B


  • Off-Plan: Damac Lagoons - 251 transactions, worth AED 704M
  • Ready: Damac Hills 2 - 94 transactions, worth AED 123M


  • Off-Plan: Mohammed Bin Rashid City - 11 transactions, worth AED 53M
  • Ready: Business Bay - 99 transactions, worth AED 177M

Overall, Jumeirah Village Circle had the most properties sold, with over 1,000 transactions in April. 


Best Selling Projects

Off-Plan Apartments

📍 Elvira in Dubai Hills327, worth AED 758.9M.

📍 Elitz By Danube in Jumeirah Village Circle: 225, worth AED 204M.

📍 Creek Beach - Savanna-Cedar-Mangrove in Dubai Creek Harbour: 204, worth AED 357.1M.

📍 Binghatti Corner in Jumeirah Village Circle: 162, worth AED 114.3M.

📍 Peninsula in Business Bay: 125, worth AED 238.3M.

Off-Plan Villas

📍 Damac Lagoons: 251, worth AED 703.8M.

📍 The Valley: 90, worth AED 169.3M.

📍 Alaya: 45, worth AED 440.4M.

📍 The Fields At D11 - Mbrmc: 41, worth AED 157.5M.

📍 Arabian Ranches Lll - Anya 2: 30, worth AED 79.6M.

Ready Apartments

📍 J One - 1 in Business Bay: 49, worth AED 35.6M.

📍 1 Residences - 2 in Al Kifaf: 37, worth AED 86.5M.

📍 Miracle Residence in Arjan: 30, worth AED 17.7M.

📍 Azizi Star in Al Furjan: 30, worth AED 14.7M.

📍 The Bay in Business Bay: 28, worth AED 33.5M.

Ready Villas

📍 Damac Hills (2) - Camelia: 33, worth AED 48.7M.

📍 Villanova: 26, worth AED 49.6M.

📍 Damac Hills - Silver Springs 3: 15, worth AED 63.9M.

📍 Arabian Ranches Iii - Sun: 13, worth AED 31.2M.

📍 Arabian Ranches Lll - Caya: 9, worth AED 38.1M.


Rental Information

Average Anual Rent:


New rental contracts Downtown are AED 25K/year more than renewed. 

Average Downtown yearly rental price

Property Sales Volume by Price Range

Properties that sold for up to AED 2M made for over 60% of the total sales.

Over 700K transactions took place for AED 5M+, indicating continued growth in Dubai’s luxury property market. 

April  2023 Property Sales Volume by Price Range (off-plan/ready-made combined, all property types)


For the Love of Luxury

The increase in luxury transactions continues, with the highest property transaction value taking place at Bulgari Lighthouse, Island 2 for AED 137M. 

(Not including the Mugatrah plot sale for AED 1.57B)

 Bulgari Lighthouse - Island 2


Top five projects with the most expensive sold apartments:

                          1.📍Bulgari Lighthouse, Island 2 - AED 137M

                          2.📍Six Senses Residences, Palm Jumeirah - AED 58M

                          3.📍Orla By Omniyat, Palm Jumeirah - AED 58M

                          4.📍One at Palm Jumeirah, Palm Jumeirah - AED 50M

                          5.📍Building 2, Bluewaters Bay - AED 42M


Top five areas with the most expensive sold villas:

1.📍Emirate Living - AED 150M

2. 📍Palm Jumeirah - AED 76M

3. 📍Elysian Mansions, Tilal Al Ghaf - AED 44M

4. 📍Jumeirah Golf Estates, Hillside, Jumeirah Golf - AED 36M

5.📍 Golf Place, Dubai Hills - AED 33M


Key Takeaways

We witnessed Dubai’s strongest Month of April on record, in terms of both sales volume and value. The total sales value reached over 26B. Investors continue to show an undeniable trust in the Dubai property market.

  • A Plot sold in Mugatrah for AED 3.8B, marking the highest real estate transaction in Dubai’s history.
  • Property sales value increased by over 46% compared to April 2022, 
  • Bulgari Lighthouse has held the highest-priced property sales for 4 months in a row, with one apartment selling for AED 137M this month.
  • Villa sales volume has dropped by nearly 30% compared to April 2022. 
  • Damac Lagoons continues to spearhead the off-plan villa market. With 251 transactions coming to AED 704M 
  • Jumeirah Village Circle had the most properties sold overall, with nearly 800 transactions in April. 

For more information on the record-breaking state of Dubai’s property market, have a quick look at our Interactive Reporting Tool.



*Notes and Disclaimers:

  • Prepared by Fateh Al-Msaddi&Steven Worlow.
  • In this report, “transaction” refers to the actual property sales, which do not include mortgage or gift transactions.
  • Off-plan property could be sold by a developer or individual. 
  • Some villa transactions were registered as plots in The Dubai Land Department, so we modified what we notice to be villas with a high level of accuracy.
  • Plot transactions are excluded when it comes to comparing off-plan vs. ready property sales.
  • We are not responsible for any investment decision made based on the information in this report.
  • Figures have been rounded to the nearest tenth for clarity.



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