As March comes to an end, Dubai continues its record-breaking growth in property transactions.
There were over 12K total property transactions, an increase of over 44% compared to March 2022.
We saw a total sales value of over AED 34B, an increase of over 50% compared to March 2022.
A Plot was sold in Dubai Creek Harbour at a massive AED 1.57B, marking the biggest deal ever recorded in Dubai.
Sales Volume - March Over The Years
Sales Value - March Over The Years
Transactions Breakdown
(Off-Plan & Ready Property Combined)
March Sales volume and value by property type
Apartments continue to be the main interest of buyers. The number of apartment sales compared to March of 2022 is up by over 66%, with 9,244 transactions.
Overall, apartments made up over 76% of all transactions.
Mortgage Transactions and Value
We’ve seen a surge in mortgage transactions, with a 61.5% increase in the number of transactions compared to March 2022. The value of these transactions is remaining steady, with a small drop of 2% compared to March 2022.
Price Changes
Price Changes by Property Type
Type | Avg. AED Price | vs. March 2014 % | vs. March 2022 % |
|---|
| Off-plan apartment | 1.2M | 8.4% | -2% |
| Off-plan villa | 2.2M | -33% | 25% |
| Ready apartment | 1.02M | -7% | -8% |
| Ready villa | 2.8M | -28% | 1% |
The average price per square foot is now up to AED 1.27K, which is the highest on record for the month of March.
Price Per Square Foot - March Over the Years (AED) - Off-plan and ready - All property types
Off-Plan vs. Ready Properties
Off-plan transactions are beginning to heavily outweigh ready property transactions, with 60% 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 1,171, at a value of AED 945M.
Dubai Marina is the top-selling area for ready properties, with a sales volume of 500, and a value of AED 1.2B.
Top Selling Areas - Off-plan and ready, all property types
Off-plan and ready properties - all types.
Apartments
- Off-Plan: Jumeirah Village Circle - 1,168 transactions, worth AED 942M
- Ready: Dubai Marina - 492 transactions, worth AED 1.2B
Villas
- Off-Plan: Damac Lagoons - 404 transactions, worth AED 1.2B
- Ready: Emirates Living - 78 transactions, worth AED 100M
Commercial
- Off-Plan: Mohammed Bin Rashid City - 16 transactions, worth AED 41M
- Ready: Business Bay - 149 transactions, worth AED 279M
Rent on the Rise
New rental contracts in Downtown, are AED 25K/year more than renewed.
Average Downtown rental price
Property Sales Volume by Price Range
Properties that sold for up to AED 2M made for over 60% of the total sales.
Nearly 1K transactions took place for AED 5M+, indicating continued growth in Dubai’s luxury property market.
March 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 111M.
(Not including the Creek Harbour plot sale for AED 1.57B)
Bulgari Lighthouse
Top five projects with the most expensive sold apartments:
- 📍Bulgari Lighthouse, Island 2 - AED 111M
- 📍Orla by Omniyat, Palm Jumeirah - AED 65M
- 📍BV Residences 4, Jumeirah Bay - AED 65M
- 📍The Royal Atlantis Residences - Palm Jumeirah - AED 55M
- 📍Bluewaters Bay - AED 52M
Top five areas with the most expensive sold villas:
- 📍Emerald Palace Kempinski, Palm Jumeirah - AED 82M
- 📍Emirates Living - AED 70M
- 📍Dubai Hills - AED 47M
- 📍Mohammed Bin Rashid City, D1 - AED 30M
- 📍Damac Hills - Cavalli Estates - AED 26M
Key Takeaways
We witnessed Dubai’s strongest Month of March on record, in terms of both sales volume and value. The total sales value reached over 34B. Investors continue to show an undeniable trust in the Dubai property market.
- A Plot was sold in Dubai Creek Harbour for a record-breaking AED 1.57B, making this the highest real estate transaction in Dubai’s history.
- Apartments continue to be the main interest of investors. Off-plan and ready transactions combined made for more than 76% of the overall property transactions.
- New rental contracts Downtown are AED 25K higher than contract renewals. Rent across Dubai continues to rise, causing many renters to become first-time home buyers.
- Bulgari Lighthouse has held the highest-priced property sales for 3 months in a row, with one apartment selling for AED 410M.
- Damac Lagoons continues to spearhead off-plan villa sales.
- The Dubai Marina and Business Bay are tied in sales volume, but Dubai Marina's sales value was AED 1B higher than Business Bay.
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.