Dubai real estate: figures for May 2023
Dubai's real estate market enjoyed another month of very strong growth in May 2023. In a market largely supported by international investors, the market saw its highest figures in 10 years. Dubai's rental market is also growing strongly, thanks to particularly sustained demand. Dubai Immo presents the key real estate figures for Dubai for May 2023, to help you make the right investment decisions.
The number of transactions exploded in May 2023
In Dubai, the number of real estate transactions rose by +75. 9% in May, compared with the same period last year, to 11,757 sales. The number of apartment sales is up +88.4%, whereas we were already on a very high base last year. As for villas, the market is down, with -7.6% of sales compared with last year, as the number of villas on the market is very limited. On the other hand, sales of commercial premises rose by +109% over the same period, while land sales increased by a staggering +233%. These very high figures can be explained by the very strong demand from property developers, who are looking for land for their new developments.
Transaction amounts up sharply
While the number of transactions soared in May 2023, so did their value. Indeed, total real estate sales reached 34.2 billion dirhams (8.5 billion euros), up 87% on May 2022 figures. This is due in particular to the very sharp increase in villa prices, which rose by an average of +25%.
Rental prices continue to rise
Accommodation in Dubai is becoming increasingly expensive. Indeed, the average price of a rented apartment rose by +11.7%. As for villas, demand is still far below supply, with the result that rental prices rose by +33. 3% in May 2023, compared with May 2022.
Which neighborhoods saw the most sales in May 2023?
The Dubai Marina and Jumeirah Village Circle (JVC) neighborhoods recorded the highest number of transactions. In Dubai Marina, 1,245 sales were recorded in May 2023, compared with 1,187 in JVC. Business Bay ranks third, with 665 sales recorded.
This article would not have been possible without the Dubai Land Department and DXB Interact, who transparently provided all the data required for this analysis.
We look forward to seeing you in a month's time to discover the figures for June 2023!
