Dubai Real Estate

Dubai property transactions increased by 22% in 2023, saw highest quarterly peak: report

Mo’asher, Dubai’s official sales price index, launched by Dubai Land Department (DLD), in cooperation with Property Finder, has revealed that sales transactions Dubai property saw a 22% increase in sales transactions in Q3 2023 compared to the same time last year.

According to the report, at the end of the quarter ending in September 2023, DLD recorded a total of 31,181 transactions compared to 25,400 in Q3 2022, marking a 22.76% year-on-year increase in the performance of ready and off-plan transactions, leading to Dubai’s highest quarterly peak in a decade.

In Q3 2023, the sales transactions recorded the highest value ever for a quarter by reaching $26.5 billion (AED97.54 billion) compared to $18.89 billion (AED69.38 billion) in Q3 2022.

The market value of sales transactions increased by 40.6% compared to Q3 2022, forming a new high for the total sales value.

 

According to the report, this is due to strong growth in the tourism industry as well as the economy overall driving greater demand for housing, in addition to instability of the global economy.

Key areas for Dubai property transactions

According to DLD data cited in the report, in Q3 2023, a total of 132 areas saw real estate transactions, with 54.1% of the total transactions being accounted for by just ten areas.

 

Leading the pack was Al Barsha South Fourth, which contributed 8.6% of the total transactions, followed by Business Bay at 7.7%, and Al Merkadh with almost 7.3%. Interestingly, there was a significant increase in demand for places out of the top ten areas, such as Al Hebiah Sixth which saw an almost 374% increase in transactions, as well as Zabeel Second with around 738% and Al Goze Second by recording 458 sales transactions compared to just one transaction in Q3 2022.

Looking at the top ten areas in terms of transaction volume, Al Thanyah Fifth saw a notable increase of 133%, followed by Wadi Al Safa 5 with an increase of 110% and Al Merkadh with a 80% increase.

 

The existing/ready transactions in Q3 2023 presented 52.8% of the total sales transactions compared to 53.5% in Q3 2022. The off-plan transactions contributed to 47.2% of the total sales transactions compared to 46.5% in Q3 2022.

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