Dubai real estate market figures from April 2023
In this month of April marked by Ramadan (until April 20), the Dubai real estate market remained very dynamic. Whether it is for off-plan sales or the secondary market, all figures are once again in the green. Overall, the amount of real estate transactions in April alone exceeded 26 billion dirhams (6.4 billion euros), an increase of +46% compared to last year. Dubai Immo offers you the consolidated figures of the Dubai real estate market for the month of April 2023.
Number of real estate transactions up sharply in April 2023
Compared to April 2022, the Dubai real estate market has seen a sharp increase in the number of transactions, with +16% of sales this year, for a total of 8,050 sales. The increase in the number of sales is particularly marked in the off-plan market (sales of new properties under construction), with +27% compared with only +5. 7% for the secondary market. This difference can be explained by a relatively low supply on the secondary market, far from satisfying investor demand. Off-plan sales represent 55% of total sales and also of the total amount of transactions, compared with 45% for ready-built properties on the secondary market.
Distribution of sales by type of property
Out of a total of 8,050 transactions, 6,175 concerned apartments. This figure is up by 36. 8% compared to last year. On the other hand, the number of villas sold in April was down compared to 2022, with 1,315 villas sold. This figure is 28. 7% lower than last year, and is once again due to a severe lack of supply in this very tight market. Finally, 254 commercial premises were sold in Dubai, a figure that rose by +11.4%, compared with -13.6% for land sales.
Strong increase in the price of villas and land in April 2023
These are clearly the two markets that are making the most progress this year. Indeed, the average price of villas is up +31% compared to April 2022. A very important progression which is explained by a strong demand of villas already ready for which the investors are ready to pay very expensive. On the land side, we see an increase of +20%, as developers are willing to pay high prices to get the best locations for their projects.
