The Dubai property market maintained its buoyant trajectory in December 2023, recording a total of 11,287 property sale transactions, underlined by an impressive total sales value of AED 41.3 billion. A testament to sustained investor confidence and the emirate’s enduring appeal as a global living and investment destination.
- Apartments: Average price per square foot increased by 18.3% from AED 572 in December 2022 to AED 678 in December 2023.
- Villas: Average price per square foot saw a slightly higher increase of 19.4%, rising from AED 134 in December 2022 to AED 160 in December 2023.
- Commercial: Commercial property prices showed a more moderate growth of 3.5% year-on-year.
Off Plan Takes Center Stage:
Fueled by attractive payment plans and future development potential, off plan properties captured a significant share of the market, with 5,730 transactions representing 51% of the total. Apartments led the charge in this segment, accounting for 4,967 transactions, while villas registered 638 sales. This surge in off-plan activity highlights the ongoing trend towards early investment and portfolio diversification among buyers.
Ready Market Remains Steady:
The ready property segment also performed well, with 5,557 transactions accounting for 49% of the market share. Apartments again dominated this category, recording 3,552 sales, while villas saw 724 transactions. This sustained demand for ready properties underlines the continued preference for immediate livability and rental investment opportunities.
Rental Market Trends:
Rental prices have stabilized, with apartments averaging at AED 68,000 and villas at AED 160,000, indicating a balanced market appealing to a wide range of renters.
- Apartment rents: Increased by an average of 12.5% year-on-year.
- Villa rents: Grew by an average of 14.1% year-on-year.
Top 5 Performing Areas in December
- Business Bay: Led the sales volume with 626 transactions, totaling AED 1,017 million.
- Al Barsha South Fourth: Followed closely with 478 transactions and a sales value of AED 402 million.
- Dubai Marina: Matched Al Barsha South Fourth in transaction volume with 478, but surpassed in value at AED 1,369 million.
- Falcon City of Wonders: Recorded 370 transactions, amounting to AED 439 million.
- Downtown Dubai: Witnessed 269 transactions, accumulating a sales value of AED 1,039 million.
Mortgage Transactions
A significant number of mortgage transactions were noted, with 2,601 transactions valued at AED 10.7 billion.
Notable Property Developments:
- Como Residences, Palm Jumeirah: A highlight with sales of AED 500 million.
- Casa Canal, Dubai Water Canal: Garnered AED 135 million in sales.
- Orla Infinity by Omniyat, Palm Jumeirah: Achieved sales of AED 87 million.
- Ava at Palm Jumeirah by Omniyat: Recorded sales of AED 75 million.
- Bv Residences 3, Jumeirah Bay: Attracted AED 62 million in sales.
Overall Market Strength:
The combined value of both off plan and ready properoffty transactions in December 2023 painted a robust picture of the market’s overall health. While specific figures are not currently available, the volume of transactions suggests significant financial activity and sustained investor confidence in Dubai’s real estate potential.
