Dubai Real Estate Market Report | August 2023

A Historic August: Record-Breaking Achievements in Dubai's Property Market

Here are the notable highlights:

• Transactions Through the Roof: The market surged with a staggering AED 34 Billion in total sales, cementing its position via more than 12,000 transactions.
• Off-Plan Property Boom: A significant 64% of these transactions were off-plan. Notably, these off-plan deals constituted 70% of the total sales value.
• The Apartment Frenzy Continues: Almost 9,000 transactions represented apartment sales.
• Villa Valuation: The average villa price has risen sharply to AED 3M. This marks an impressive 46% increase since August 2022.
• Per Square Foot Pricing: The price per square foot now stands at AED 1,400, reflecting a 22% hike from the same period last year.
• Mortgage Movements: Mortgaged transactions have seen an upswing, growing by almost 60% compared to last year.
• Top-performing District: Business Bay stands out as the hotspot of the month. It recorded 1,131 transactions that amounted to over AED 2B.
• Jaw-Dropping Lux Prices: An apartment on the iconic Palm Jumeirah fetched a whopping AED 112M. Meanwhile, at Emirates Living, a luxurious villa commanded a price of AED 209M.

For those seeking a deeper dive into these numbers and trends, make your way to DXB Interact for a comprehensive analysis.