Dubai Real Estate Market Report | July 2023

 

July 2023 | Key Points

  • July 2023 witnessed property sales of a staggering AED 37.7B, an 80% ascent from the AED 20.94B in July 2022.
  • The total number of transactions was 11,130, marking a 56% increase from July 2022.

This outstanding performance is attributed mainly to the remarkable transactions below that formed around 30% of the sales value in July.

Historic Sales Milestone: This month marked the highest sales value ever recorded in Dubai's real estate history.

The Summer of Luxury: Over 1,400 transactions surpassed the AED 5M benchmark. Notably, an apartment at Jumeirah Marsa Al Arab fetched a staggering AED 420M.

Booming Off-Plan Sales: A significant 55% of the month's sales were attributed to off-plan properties.

Setting the Bar High: In July, we observed a record-setting price/sqft, peaking at AED 1,370.

Explore all of the top-selling areas for July.

Bucking its traditional summer slowdown, Dubai's property market in July 2023 has reported numbers that set new benchmarks in the industry.

Noteworthy Transactions:

  • District One West recorded the sale/registrations of 421 villas totaling AED 6.8B.
  • Como Residences saw 19 apartments sold for AED 922M.
  •  Seapoint noted sales of 126 apartments at AED 771M.
  • District 11- Opal Gardens featured 167 villa sales, generating AED 1.3B.

Lavish Dealings:

  • A luxurious 5-bedroom apartment in Marsa Al Arab was sold for AED 420M.
  • Lanai Island boasted the sale of 6 villas, fetching almost AED 600M.

Market Trends:

  •  Off-plan properties reigned with 55% of the total sales.
  • 13.5% of these off-plan transactions were re-sales.

Price and Mortgage Insights

  • The average rate stood at AED 1,370 per sq. ft., a 2% increase from the yearly average and a 16% spike compared to 2022.
  • Mortgage transactions experienced a 40% rise in volume, though they saw a 30% decline in value from 2022.

This phenomenal performance we’ve coined 'Summer of Luxury', exemplifies investor confidence in Dubai's property arena. The robust momentum is anticipated to propel forward into Q3 and possibly beyond.

 Go to DXB Interact today to stay on top of Dubai’s ever-changing property market.



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