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Dubai real estate market: February 2023 figures

Guillaume Giroux on March 4, 2023

The Dubai real estate market is doing well, very well. Not surprisingly, the figures provided by the Dubai Land Department confirm the trend of the last few months, and new records are now being reached. Dubai Immo, the leading French real estate agency in Dubai, informs you all year long about thereal estate market in Dubai.

A very strong growth in sales

With nearly 9,000 sales recorded, the market saw a +42% increase in the number of sales in February 2023 compared to February 2022. The strongest increase is for apartments, with +56% of sales compared to last year over the same period. For villas, the increase in the number of sales is "only" +16.4%, simply due to a lack of supply.

Prices still on the rise

On the average price side, we are once again reaching new 10-year highs. The average price of an apartment in Dubai has once again increased, with a +6.8% increase compared to February 2023, reaching AED 1.1M. On the villa side, the increase was even higher, with +24.5% increase in the average price (AED 2.5M). Total sales approached 27 billion Dirhams in February 2023, an increase of +64% compared to last year.

Which neighborhoods recorded the most sales in February 2023 in Dubai?

Here are the 5 Dubai neighborhoods that recorded the most transactions in February 2023:

Jumeirah Village Circle: 927 sales for AED 717M
Business Bay: 772 sales for 1.32 billion Dirhams
Dubai Marina: 744 sales for 2.68 billion Dirhams
Damac Lagoons: 424 sales for 1.3 billion Dirhams
Dubai Creek Harbour: 377 sales for AED 830M

Selling off-plan vs. selling ready-made goods

Sales of off-plan apartments and villas (VEFA) represent 59% of total sales. The main reason for this is a severe lack of supply in the secondary market, with many investors forced to turn to buying properties under construction.