In July 2023, Dubai's real estate sector exhibited robust activity across property types, with a total of 11,129 transactions, a 56.3% surge compared to the previous year. Notably, apartments led the growth, accounting for 7,789 transactions, a remarkable 61.3% increase from July 2022. The villa segment also displayed momentum, with 2,546 transactions, up by 56.1% year-on-year.
However, commercial properties experienced a slight decline of 9.9% in sales value compared to July 2022, amounting to AED 523.3 million. On the other hand, plot sales thrived, growing by 53.8% in sales value to AED 5.6 billion.
The changing buyer preferences drove shifts in property prices, with apartment prices averaging AED 1.2 million (4% decline), villas at AED 3 million (51.3% increase), commercial properties at AED 1 million (37.9% growth), and plots at AED 4.2 million (5.1% decrease). The cumulative sales value for all categories reached AED 37.7 billion, an 80.6% surge.
Rental markets also saw changes, with apartments leasing at AED 56,000 (16.7% increase), villas at AED 163,500 (25.8% growth), and commercial properties at AED 110,000 (22.2% rise).
Top performing areas for property demand were MBR, JVC, Business Bay, Dubai Marina, and JLT. Notably, 60% of the market falls within the up-to-2-MLN-AED value range, and 30% between 2 and 5 MLN AED. Overall, the July 2023 Dubai real estate market showcased dynamic growth in transactions, property values, and rental trends, reflecting evolving buyer preferences and shifting focus areas.
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I am the Owner of Corsa Real Estate, a licensed real estate Brokerage in Dubai. We specialise in offering the best and selected Off-Plan developments and projects by the most reputable and safe…
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