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.