The property market in Dubai: June 2023
In June 2023, the property sector soared to new heights at a breathtaking pace, marking yet another month of stunning growth.
Whilst the property market is in decline across most of the world, Dubai’s market stands out like a beacon in the midst of a stormy sea, not only as an exception but also with a growth rate that commands admiration.
The Dubai property market in June 2023: the figures
Buying property in Dubai:
- The number of property transactions rose by 18.51 per cent quarter-on-quarter, with a total of 10,457 sales.
- The value of sales rose by 34.6%, reaching 30.4 billion dirhams (approximately 6.75 billion euros).
Flat for sale:
- Flat sales rose significantly by 39.9% compared with June 2022.
- A sales value of 17.4 billion dirhams, or 4.35 billion euros.
- 8,207 flat sales.
- Flat prices in Dubai have risen by 8.3% compared with June 2022.
Villa / house for sale:
- The number of villa sales fell by 63.3%.
- Villa prices have risen by 23.3% compared with June 2022;
- 803 villa sales.
Land for sale:
- Land sales rose by 143%.
- 1,179 sales in June 2023
- This represents total sales of 10.1 billion dirhams, or 2.52 billion euros.
Sale of commercial premises:
- Sales of commercial premises fell by 6.9%.
- 473 million dirhams in sales, or 118 million euros
The neighbourhoods with the highest number of sales in June 2023 are:
- Dubai Marina: 1,016 sales totalling 3,932 billion dirhams in sales value
- Jumeirah Circle Village (JVC): 881 sales, totalling 729 million dirhams in sales value
- Jumeirah Lake Towers: 636 sales totalling 914 million dirhams in sales value
- Mohammed bin Rashid City: 585 sales totalling 694 million dirhams in sales value
- Dubai Hills Estate: 494 sales totalling 939 billion dirhams in sales value
The most expensive flats sold in June 2023
- Bulgari Dubai flagship store, Island 2: 112 million AED
- Six Senses The Palm Residences, Palm Jumeirah: 100 million AED
- Bluewaters Residences 7, Dubai Marina: 80 million AED
- Jumeirah Living Marsa Al Arab, Marsa Al Arab: 77 million AED
- Como Residences, Palm Jumeirah: 66 million AED
Conclusion on the property figures for June 2023 in Dubai:
The property market is booming – and that’s an understatement. Against a challenging global backdrop, Dubai stands out as an oasis of prosperity.
The emirate is a real magnet for capital and investors from all over the world. Whether they come from America, Asia, Europe or elsewhere, they are invariably drawn to Dubai’s immeasurable attractions and the prospects for substantial population growth in the years to come.
Please also note that you can Joint investment in Dubai. This allows you to reduce both the costs and the monthly instalments under the payment plan.
If you’re thinking of investing in property in 2023, please contact our estate agency in Dubai. Our advisers will guide you step by step through your property investment project.
