Dubai real estate market: 3rd quarter 2023 figures
Dubai's real estate market continued its upward march in the 3rd quarter of 2023. Indeed, the indicators published by the Dubai Land Department and relayed on the DXB Interact platform are once again largely in the green. Dubai Immo takes a look back at the key figures for the Dubai real estate market in Q3 2023.
Sharp rise in the number of transactions
The number of sales rose by 23. 1% between Q3 2022 and Q3 2023. This brings us to 31,399 transactions in this 3-month period alone. In detail, apartment sales rose by 23.3%, commercial property sales by 9.8% and land sales by 196. 9%! Only villa sales were down, by 2.9%, due to a lack of supply. Total sales amounted to 97.5 billion dirhams (around 24 billion euros) in Q3, up 40.4% on 2022.
TOP 5 most sought-after districts
The TOP 5 neighborhoods with the most sales in Q3 20253 are listed below:
- Jumeirah Village Circle, 2435 sales
- Business Bay, 2386 sales
- Al Merkadh, 2186 sales
- Dubai Marina, 1851 sales
- Arjan, 1536 sales
Credit transactions up sharply
With an increase of 52.9%, purchases made via a mortgage have risen sharply. While this figure may seem surprising, it can be explained. For us, this figure is the consequence of two facts. The population is constantly growing, as is the number of people eligible for mortgages. The sharp rise in rents has also prompted many residents to become homeowners in Dubai, where they are now planning for the long term. Just a few years ago, expatriates would settle in Dubai for just a few years. Today, the number of people with very long-term plans for Dubai is rising sharply. Hence the increase in property purchases on credit. Although this figure is rising sharply, only 27% of all sales were made with a bank loan.
The 5 districts with the most expensive villas
Here are the 5 neighbourhoods with the most expensive villa sales in Q3 2023 :
- Emirates Hills, AED 203M (approx. €50.75M)
- Palm Jumeirah, 202M AED (about 50.5M€)
- Tilal Al Ghaf, 100M AD, about 25M€.
- World Islands, AED 79M, €19.75M
- District One, AED 68M (€17M)
1- to 3-bedroom apartments
Scheduled for delivery in March 2029
Construction : 25%｜Livraison : 75%
Résidence de luxe avec vues lagons
1- to 3-bedroom apartmentsLivraison prévue pour le 4è trimestre 2029Construction: 70%｜Delivery: 30%Résidence de luxe face au lagon
Studios and 1-3 bedroom apartmentsScheduled for delivery in December 2027Construction: 70%｜Delivery: 30%Résidence de standing proche du centre
1- to 3-bedroom apartmentsDelivery scheduled for February 2028Construction: 50%｜Delivery: 50%Résidence hôtelière au coeur d'Abu Dhabi
Guillaume Giroux, Dubai Immo founder and real estate expert, Dubai, UAE
As founder of the Dubai Immo Group and a real estate investor, I bring you daily updates on the Dubai market. My aim is to provide you with all the keys you need to invest wisely and securely, by sharing my in-depth analysis and strategic advice.
