The property market in Dubai: May 2023
Dubai’s property figures for May 2023 show exceptional growth, confirming the upward trend observed since the start of the year.
Foreign investment continues to play a key role in Dubai’s property market, accounting for more than 60% of transactions and underlining the city’s enduring appeal as a property investment destination.
As regards sales of property, they rose significantly in May, whilst the rental market also showed signs of strength.
The’Dubai Real Estate | Net estate agency provides you with property market figures every month.
Here are the key figures for May 2023, compared with those for May 2022:
Buying property in Dubai:
- The number of property transactions rose by 75.9%, with a total of 11,757 sales.
- The value of sales rose by 87% to 34.2 billion dirhams (approximately 8.5 billion euros).
Flat for sale:
- Flat sales rose significantly by 88.4% compared with May 2022.
Villa / house for sale:
- The number of villa sales fell by 7.6%.
- Villa prices have risen by 25%
Land for sale:
- Land sales recorded an impressive increase of 233%.
Sale of commercial premises:
- Sales of commercial premises rose by 109%.
The rental market in May 2023
- Rents for flats have risen by an average of 11.7%.
- Rents for villas have risen by an average of 33.3%.
The most sought-after neighbourhoods among investors in May 2023
- Dubai Marina: 1,245 sales.
- Jumeirah Circle Village (JVC): 1,187 sales.
- Business Bay: 665 sales.
In conclusion, Dubai remains a prime destination for luxury property, with impressive figures for May 2023.
Rising prices, an increase in transactions and continued appeal to foreign investors are all signs of a robust and steadily growing property market.
Dubai therefore remains a must-visit destination for global property investment.
