Dubai Real Estate Market Report — December, 2023

Dubai Real Estate Market Report – December 2023

Dubai ended 2023 on a strong footing. December booked 11,073 transactions worth AED 40.74 billion, at an overall median of AED 1,451/sqft — and the month posted fresh series records for both total volume and total value across the entire property market.

On the Apartment, Villa and Commercial basis, the 10,692 deals rose +22% year on year while their combined AED 28.40 billion climbed +35%, a value gain that comfortably exceeded the volume gain and signals heavier tickets trading.

Headline figures

Year-on-year performance by category

Apartments powered the growth. The segment logged 8,348 sales, up +25% — 1,653 more deals than a year before and the highest December volume in the 10-year series. Value came to AED 17.73 billion (+30%), the biggest of any category. Pricing held steady rather than stretched: the median stayed at AED 1,655/sqft (-3% year on year, still +34% above 2014) and the median ticket was unchanged at AED 1,320,085 (0%).

Villas provided the value muscle. Volume rose +12% to 1,995 deals — 216 more than last December and itself a series-high December — but value leapt a far larger +45% to AED 10.09 billion, driven by a median ticket up +13% to AED 3,000,000. Per-square-foot pricing was virtually flat at AED 1,076/sqft (-1%, +28% above 2014), so the value jump reflected which villas sold, not a broad price shift.

Commercial was small but solid. The 349 deals rose +30% — the highest December volume in the series — for AED 581.08 million, likewise +30%. Unlike the residential segments, commercial pricing moved up: the median hit AED 1,150/sqft (+24%), described as the highest December price per square foot since 2014, though it stays -9% below the 2014 mark. By value the category order ran Apartment, then Plot, then Villa, then Commercial, then a single Building.

Every category, including plots and buildings

Plots were the market's second-biggest segment by value at AED 12.33 billion across 380 deals, slotting between Apartments and Villas in the value ranking despite a low AED 544/sqft median — a consequence of large land parcels, with a plot-level median ticket of AED 8,646,040. The month's lone Building sale, at AED 22.00 million, carried the largest median ticket of any category.

Primary versus resale

Off-plan kept its lead. Primary sales accounted for 59% of volume and a larger 66% of value — 6,336 deals worth AED 18.63 billion — while resale made up 41% of volume but only 34% of value, from 4,356 deals totalling AED 9.76 billion. Resale's value share sitting beneath its volume share shows secondary deals leaning toward lower average tickets than the primary market.

Where the activity was

By value, Marsa Dubai led at AED 3.33 billion, ahead of Palm Jumeirah (AED 2.00 billion), Palm Jebel Ali (AED 1.95 billion), Business Bay (AED 1.80 billion) and Hadaeq Sheikh Mohammed Bin Rashid (AED 1.75 billion). By volume the busiest area was Al Barsha South Fourth with 1,279 deals, followed by Business Bay (1,045) and Marsa Dubai (757). Three areas — Marsa Dubai, Business Bay and Hadaeq Sheikh Mohammed Bin Rashid — showed up on both the value and volume leaderboards.

Rental market

The rental market told a two-sided story: rents climbed across every segment while contract volumes dropped across every segment. New apartment leases carried a median of AED 60,000 (+25%) even as new contracts fell -44.45%; renewals stood at AED 50,000 (+8.70%). New villa leases reached a median AED 156,500 (+15.93%) and new commercial leases AED 100,000 (+11.27%), yet both categories also recorded double-digit declines in contract counts for new and renewed leases alike.

Supply

Supply tilted firmly toward new launches. Developers launched 5,749 units across 24 projects while handing over 1,646 units across 7 — a launch-to-delivery ratio of 3.5 and a net of 4,103 more units launched than delivered.

Launched

• Azizi Riviera 61 – Al Merkadh (Azizi), 242 units
• Damac Hills (2) - Park Greens 1 – Madinat Hind 4 (Damac), 216 units
• Arabian Ranches -La Avenida I – Wadi Al Safa 6 (Emaar), 17 units
• Azizi Central – Jabal Ali First (Azizi), 97 units
• Arabian Ranches - Alvorada Iii – Wadi Al Safa 6 (Emaar), 61 units
• Binghatti Azure – Al Barsha South Fourth (Binghatti), 650 units
• Amara – Al Hebiah Fourth (Majid Al Futtaim), 116 units
• Aeternitas Tower – Marsa Dubai (London Gate), 661 units
• Boutique 23 – Al Jaddaf (Continental Investments), 328 units
• Binghatti Lavender – Al Barsha South Fourth (Binghatti), 166 units
• Damac Hills (2) - Park Greens 3 – Madinat Hind 4 (Damac), 387 units
• Hyde Walk Residence By Imtiaz – Al Satwa (Imtiaz), 89 units
• 48 Parkside – Al Barsha South 3 (Tabeer), 203 units
• Sobha Estates – Bukadra (Sobha), 111 units
• Terra Golf Collection – Me'Aisem First (Taraf Development), 77 units
• Grand Glow – Al Barsha South Fourth (Aizn), 14 units
• Vita Grande By Meteora – Al Barsha South Fourth (Meteora), 121 units
• Sobha Reserve Mall – Wadi Al Safa 2 (Sobha), 8 units
• Mercedes-Benz Places/Binghatti – Downtown Dubai (Binghatti), 163 units
• Samana Barari Views 2 – Wadi Al Safa 3 (Samana), 669 units
• Pg One At Al Furjan – Jabal Ali First (Pg Properties), 121 units
• Palace Residences Dubai Hills Estate Townhouses – Hadaeq Sheikh Mohammed Bin Rashid (Emaar), 962 units
• Arabian Ranches - Alvorada - 2 – Wadi Al Safa 6 (Emaar), 110 units
• Grove On The Park – Al Yelayiss 2 (Nshama), 160 units

Delivered

• Binghatti Nova – Al Barsha South Fourth (Binghatti), 211 units
• Binghatti Crest – Al Barsha South Fourth (Binghatti), 172 units
• Time 1 – Wadi Al Safa 5 (Time Properties), 286 units
• Azizi Gardens – Nad Al Sheba First (Azizi), 82 units
• Catch Residences By Igo – Al Barsha South Fourth (Invest Group Overseas), 140 units
• Binghatti Luna – Al Barsha South Fourth (Binghatti), 212 units
• Five Luxe – Marsa Dubai (Devco), 543 units

Most expensive sales

Top apartment sales

1. AED 62,100,000 – Bulgari Residences 3, Jumeirah Bay Islands
2. AED 31,395,000 – Damac Bay Tower B, Marsa Dubai
3. AED 29,553,000 – Damac Bay Tower A, Marsa Dubai
4. AED 29,364,000 – Damac Bay 2 Tower B, Marsa Dubai
5. AED 20,623,680 – Damac Bay Tower C, Marsa Dubai

Top villa sales

1. AED 165,620,000 – Al Jaddaf
2. AED 66,000,000 – Emirates Living
3. AED 65,530,000 – Ghadeer Al Tair
4. AED 64,092,000 – Al Hebiah Fourth
5. AED 48,220,000 – Palm Jumeirah

Notes on methodology

Scope. Headline totals and the category table cover every property category recorded in the data, including Plot and Building. The primary/resale split, top-area rankings and the year-on-year series cover Apartment, Villa and Commercial only, so those figures are deliberately smaller than the headline and should not be added across sections.

Rounding. Headline totals are the authoritative rounded figures. Category-level breakdowns are rounded independently and may not sum exactly to the headline.

Definitions. Price figures are medians, not averages. Year-on-year compares the period against the same period one year earlier. All values in AED; areas in square feet.