Real Estate March Report 2023 highlights the positive trends and new records achieved in Dubai’s property market during the first month of spring.
The market is literally blooming. March showed the best results in property sales volume since the beginning of the year — over 12 000 transactions. The off-plan sector strongly supports the market uptrend with impressive results for off-plan apartment sales volume. Let’s look at the new records for 2023!
- Total Property Sale Transactions
ALL (off-plan and ready): 12,157
Up 44.3% vs. March 2022
OFF-PLAN: 6,946
Up 62.7% vs. March 2022
OFF-PLAN Apartments: 5,520
Up 102.5% vs. March 2022
2. Total Sales Value
ALL (off-plan and ready): AED 34.1B
Up 52% vs. March 2022
OFF-PLAN: AED 14.8B
Up 50.9% vs. March 2022
OFF-PLAN Apartments: AED 10.4B
Which is 71% of all off-plan property sales value
3. Property Sales Volume by Price-Range (does not include the mortgage transactions)
ALL (off-plan & ready):
Below 1M — 37%
1-2 M — 26%
2-3 M — 19%
3-5 M — 11%
More than 5 M — 8%
OFF-PLAN Apartments:
Below 1M — 43%
1-2 M — 27%
2-3 M — 15%
3-5 M — 10%
More than 5 M — 5%
4. Average Residential Property Price in Dubai
ALL (off-plan & ready)
Per sq. ft — 1,303 AED
YoY: 5.7%
Per property — 1,404,444 AED
YoY: -8.6%
OFF-PLAN Apartments:
Per sq. ft — 1,651 AED
YoY: -7.4%
Per property — 1,267,240 AED
YoY: -1.9%
5. Top 5 Areas in Demand
For ALL Property:
- JVC
- Business Bay
- Dubai Creek Harbour
- Dubai Marina
- Dubai Hills Estate
For OFF-PLAN Apartments:
- JVC
- Dubai Creek Harbour
- Business Bay
- Dubai Hills Estate
- Mohammed Bin Rashid City
Overall, the Real Estate March Report 2023 presents an optimistic picture of Dubai’s property market, with positive trends and new records being set in property sales volume, sales value, and demand for specific areas.
All data is provided by https://dxbinteract.com/