In the urban landscape of Dubai, October 2023 witnessed a remarkable upswing in the real estate market, with sales soaring to an impressive AED 29.4 billion. This surge represents a 15.7% increase from the previous year.
In October, the majority of sales were for ready properties, with 5,365 transactions totaling AED 24.4 billion, surpassing the 1,753 sales of off-plan properties, amounting to AED 5 billion. JVC holds a strong position as one of the most high-demand areas for both off-plan and ready properties. Let’s take a closer look at the numbers!
1. Total Property Sale Transactions
ALL (off-plan and ready): 7,118
-18.1% vs. October-2022
READY: 5,365
Up 45% vs. October-2022
OFF-PLAN: 1,753
-64.9% vs. October-2022
OFF-PLAN Apartments: 1,273
-67.6% vs. October-2022
2. Total Sales Value
ALL (off-plan and ready): AED 29.4B
Up 15.7% vs. October-2022
READY: 24.4B
Up 120.1% vs. Oct-2022
OFF-PLAN: AED 5B
-65.3% vs. October-2022
OFF-PLAN Apartments: AED 3.3B
3. Top 5 Areas in Demand for Off-Plan & Ready Property:
JVC
Business Bay
Dubai Marina
Downtown Dubai
MBR City
4. Average Rental Property Prices
Apartments: AED 70K
Up 16.7% vs. October, 2022
Villas: AED 168K
Up 25% vs. October, 2022
Commercial: AED 56K
Up 27.3% vs. October, 2022
*All data is provided by dxbinteract.com