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Dubai real estate market: Q1 2023 figures

Guillaume Giroux on April 6, 2023

The real estate market figures for the 1st quarter of 2023 have been released. They are quite simply exceptional. The trend observed in 2022 has been largely confirmed in the first quarter of 2023, and it has even accelerated. Dubai Immo, the leading French real estate agency in Dubaioffers you the analysis of the real estate market in Dubai for the 1st quarter of 2023.

Sales volume up by 60.5%.

Official statistics from the Dubai Land Department show an impressive increase in sales volume in Q1. The total amount of transactions recorded in Q1 2023 exceeds 88.7 billion Dirhams, an increase of +60.5% compared to Q1 2022. The increase is +9.4% compared to Q4 2022. If we distinguish between the market for off-plan sales and the secondary market, it appears that the most significant increase is on the new housing market. Indeed, sales of off-plan properties (apartments and villas under construction) rose by +85.3%, compared with +42% for the secondary market. As a reminder, the year 2022 was already one of the record years.

Number of sales up sharply at +50.6

The increase in the overall amount of transactions is accompanied by a very significant increase in the number of transactions. Indeed, the number of sales recorded in Q1 2023 is 30,898, an increase of +50.6% compared to the first 3 months of 2022. The most notable increase is in the sale of apartments and land, which have increased by +72% and +77%. The sale of villas increased by only 0.2%, due to a very sharp reduction in supply, which did not keep up with the strong increase in demand.

Prices per m2 up sharply for all types of property

The average price per m2 has risen by +6% for apartments, +21.3% for off-plan villas and 23% for land. For ready-built apartments and villas, the increase is +1.5% and +11.1% respectively.

In which areas of Dubai were there the most sales in Q1 2023?

Here are the 5 Dubai neighborhoods that recorded the most sales in Q1 2023:

Jumeirah Village Circle (3310 transactions)
Business Bay (2750 transactions)
Dubai Marina (2287 transactions)
Dubai Creek Harbour (1758 transactions)
Damac Lagoons (1351 transactions)

What is the breakdown of sales in terms of price?

35% of sales under 1M AED (250.000€)
27% of sales between 1M and 2M AED (250.000€ to 500.000€)
18% of sales between 2M and 3M AED (500.000€ to 750.000€)
11% of sales between 3M and 5M AED (750.000€ to 1.250.000€)
9% of sales above AED 5M (more than 1.250.000€)