The real estate market in Dubai has experienced an exceptional surge in growth during the first quarter of 2023. The latest industry data reveals that real estate transactions in Dubai have exceeded $24 billion (AED 88.7 billion) between January and March, marking a remarkable increase of 60% compared to the same period last year.
This remarkable growth can be attributed to the rising demand for affordable and mid-range properties in Dubai. With the availability of more affordable properties, the real estate market of emirate has become increasingly attractive to a broader range of buyers and investors. Let’s see more numbers!
1. Total Property Sale Transactions
ALL (off-plan and ready): 30,898
Increased by 7.4% QoQ
Increased by 50.6% vs. Q1 2022
Off-Plan: 17,694
Increased by 9.6.% QoQ
Increased by 62.7% vs. Q1 2022
Off-Plan Apartments: 13,548
Increased by 94.8% vs. Q1 2022
2. Total Sales Value
ALL (off-plan and ready): AED 88.7B
Increased by 9.4% QoQ
Increased by 60.5% vs. Q1 2022
Off-Plan: AED 43.3B
Increased by 5.9% QoQ
Increased by 85.3% vs. Q1 2022
Off-Plan Apartments: AED 29.4B
3. Residential ALL Property Sales by Price Range
Below 1M – 35%
1-2 M – 27%
2-3 M – 19%
3-5 M – 11%
More than 5 M – 7%
4. Top 5 Performing Areas in ALL Property
VOLUME
- JVC
- Business Bay
- Dubai Marina
- Dubai Creek Harbour
- Damac Lagoons
VALUE
- Dubai Marina
- Business Bay
- Damac Lagoons
- Dubai Creek Harbour
- JVC
5. Off-Plan vs. Ready Property Sales
VOLUME:
Off-Plan – 59%
Ready – 41%
VALUE:
Off-Plan – 62%
Ready – 38%
On the ending note, the off-plan residential industry is still thriving which demonstrates how alluring it is to investors, indicating ample opportunity for expansion in the real estate market, affirms the potential for growth. Notably, insiders forecast that Dubai’s real estate market will experience a surge of 10-12% in the upcoming 2 quarters, further reinforcing its upward trajectory.
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