Q2 - 2023 | Dubai Real Estate Market Report

 

 

As the year's first half ends, Dubai has smashed yet another Quarterly record.

 

Key Points

  • This was by far Dubai's best-performing Q2 on paper, for both sales volume and value.
  • We witnessed over 30K total property transactions, an increase of 35% compared to Q2 2022. 
  • We witnessed a total sales value of over AED 91B, an increase of over 54% compared to Q2 2022.
  • The announcements of Emaar Oasis and Palm Jebel Ali are drawing attention from eager global investors. 
  • Nearly 7,500 off-plan units were completed.
  • Damac Lagoons continues to spearhead the off-plan villa market sales, with 642 transactions valued at AED 1.8B
  • Off-Plan villa prices are on a rapid rise, due to luxury community launches across Dubai. 
  • Bulgary Lighthouse was the leading luxury apartment project, with one apartment selling for AED 137M.

 

Sales Volume - Q2 Over Years

All property types | off-plan and ready-made

Sales Value - Q2 - Over Years

All property types - off-plan and ready-made

 

Transactions Breakdown

Q2 sales volume and value by property type

(Off-Plan & Ready Property Combined)

Mortgage Transactions and Value

We have seen a surge in mortgage transactions, with a 38% increase in the number of transactions compared to Q2 2022. 

The value of these transactions was nearly AED 33B, an increase of nearly 30% compared to Q2 2022. 

Get insights on price changes, trends and top-performing areas in our complete breakdown of Q2 2023 Dubai property market:

 

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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