Dubai continues to capture the attention of investors with a dynamic and ever-changing property market. In September 2023, the property transactions in Dubai have shown a high level of activity, both in terms of sales volume than total value of transactions. This article examines the key figures for the property market in Dubai to provide a clear and concise overview of current trends.
The volume of property transactions
Total number of sales
In September 2023, the total number of property transactions in Dubai stood at 8 235. This figure reflects a significant increase 4.8 % compared with September 2022, when the figure stood at 7 855 transactions, marking a 35.5 % decline compared with the figures for the same period the previous year.
The value of property transactions
Total sales value
The total value of property sales in September 2023 reached AED26.1 billion, representing an increase of 7,5 % compared with September 2022. The breakdown of sales by property type is as follows:
- Flats : 5,364 units sold, with a total sales value of AED9.3 billion, representing a fall of 15.8 1Q3Q compared with September.
- Villas : 1,795 villas sold, totalling AED8 billion, representing an increase of 3.3 % compared with September.
- Retail spaces : 317 retail units sold, with a sale price of AED 523.4 million, up by 31 % compared with September.
- Plots of land : 759 plots sold, with a a total value of AED8.3 billion, showing a an impressive increase of 152.2 from Q1 to Q3 compared with September.
Average rental rates
Apartment rental prices
For flats, the average rental price in September 2023 was AED70,000, recording a an increase of 20.7% Q3 year-on-year. This increase bears witness to the growing demand for housing in the town.
Villa rental prices
The average rental price for villas has reached AED 180,000, that is to say, a 30.4 per cent increase in Q1–Q3. This segment remains attractive to families and tenants looking for more space.
Rental rates for commercial premises
As for retail premises, the average rent has soared to AED 55,000, that is to say, a growth of 37.5 1Q3Q, indicating a rise in demand in the commercial sector.
The neighbourhoods with the highest sales volumes
Jumeirah Village Circle
Jumeirah Village Circle (JVC) has maintained a high level of activity with 683 transactions completed, for a a total value of AED602 million. This neighbourhood continues to be popular thanks to its accessibility and family-friendly atmosphere.
Business Bay
Business Bay follows closely with 544 transactions and an impressive selling price of AED1.228 billion. This business centre is particularly attractive to investors because of its numerous commercial opportunities.
Al Barsha South Third
With 431 completed transactions and a selling price of AED 360 million, Al Barsha South Third remains an attractive option for buyers thanks to its well-developed infrastructure.
Dubai Marina
Dubai Marina poster 427 transactions completed and a sale price of up to AED1.232 billion, making this a highly sought-after location amongst expats and high-net-worth residents.
MBR City
Finally, Mohammed Bin Rashid (MBR) City brings our list to a close with 412 transactions for a a total value of AED601 million, proving once again that it is a key player in Dubai’s property market.
The Dubai property market in September 2023 is showing remarkable strength, with significant increases both in terms of transaction volumes and overall value. Whilst certain segments, such as villas and commercial premises, continue to thrive, land is proving to be the real standout, with a striking increase of their selling price. The investors and the prospective buyers will find a diverse range of opportunities in different neighbourhoods, each offering its own advantages and prospects for future growth.
In conclusion, Dubai continues to consolidate its position as a leading destination for the property investments, attracting local and international investors seeking solid returns and prospects for sustainable development. With a diverse range of opportunities and positive trends, the Dubai property market is sure to surprise and attract even more attention in the coming months.
