Situation Within The Dubai Real Estate Market — April 2023

The Dubai real estate market continues attracting local and foreign investors, as well as people wishing to purchase a residential unit in the emirate for holiday or permanent living. According to the research conducted by our Metropolitan Premium Properties experts, the total sum of transactions made between January 2023 and April 2023 reached AED 66.53B (USD 17.78B) including 19,733 off-plan transactions worth AED 43.27B (USD 11.78B) and 13,088 ready-to-move-in transactions costing AED 23.26B (USD 6.33B).

April 2023 saw 3,870 transactions of off-plan properties with a total cost of AED 7.94B (USD 2.16B) and 2,950 transactions of completed units worth AED 5.26B (USD 1.43B). However, the month of April 2023 actually showed a decrease in the number and value of transactions in both off-plan and ready-to-move-in sectors. This can be explained by the Holy Month of Ramadan, Eid al-Fitr celebrations, as well as spring breaks.

At the same time, the average prices for off-plan properties have increased by 35%, from AED 3.12M (USD 850K) in March to AED 4.22M (USD 1.15M) in April. In terms of completed and ready-to-move-in properties, the market has seen a decrease from AED 3.2M (USD 871K) to AED 2.29M (USD 624K). Among the most popular residences to purchase in April 2023 were 1-bedroom apartments (12,418), which were followed by 2-bedroom apartments (7,732) and studios (6,148).

The latest research that was conducted by our Metropolitan Premium Properties experts, also showed that amongst the most popular areas for purchasing off-plan properties were Dubai Marina, with transactions worth AED 967M (USD 263M), Dubai Hills with AED 883M (USD 240M), and Jumeirah Village Circle with a total cost of transactions worth AED 679M (USD 185M). Those who prefer to move to Dubai now, rather than in the future and purchase ready-to-move-in property, can look at popular areas, including Downtown Dubai, Palm Jumeirah and Dubai Marina, which all had transaction values totalling AED 652M (USD 178M), AED 595M (USD 162M) and AED 545M (USD 148M) respectively.