The Dubai real estate market has seen explosive growth in the past decade and is now one of the most vibrant and sought-after markets in the world. The market has seen a steady increase in demand and prices, and in January 2023, the total number of real estate transactions reached 9827.
This is a testament to the strength and resilience of the market and demonstrates the potential for further growth. The market is backed by a strong legal framework and a modern infrastructure, providing investors with the security and confidence needed to make sound investments. With the government’s continued commitment to developing the real estate sector, Dubai is well-positioned to become a global hub for real estate investments.
The Real Estate Progression In January 2023
The real estate market in January 2023 was quite active, with many people taking advantage of the current low-interest rates and a strong economy. In fact, according to the National Association of Realtors, existing home sales rose 5.8% from December 2022 to January 2023 to a seasonally adjusted annual rate of 6.69 million.
This marks the highest level since February 2008 and is a 7.1% increase from one year ago. The median existing-home price for all housing types in January 2023 was $272,300, up 15.8% from January 2022. This marks 113 straight months of year-over-year price gains. The strong demand paired with low inventory levels has pushed prices upward. In addition, new home sales rose 7.9% in January 2023 from December 2022 to a seasonally adjusted annual rate of 923,000, which is 21.2% higher than one year ago.
The median new home sales price in January 2023 was $335,400, which is 8.1% higher than in January 2022. Overall, the real estate market remains strong in January 2023, with both existing and new home sales rising and prices increasing. Low-interest rates and a strong economy are likely to continue to propel the market forward in the coming month. The total sales transaction in January was 9827 which was a great start.
The total sale value of the real estate in January 2023 recorded was AED 28 billion which is 69.3% more than in January 2021.
- Ready Flat Sold 4324, Total Amount: 6.366685 billion
- OFF Plan Flat Sold 4335, Total Amount: 10.418422 billion
- 17 Lands Sold Out Total Cost: 294.292677 million
- Ready Villas Sold 575 – Total Cost: 1.800321 billion
- OFF Plan Villas Sold 489 – Total Cost: 1.297392 billion
- Ready Offices Sold 295 – Total Cost: 432.034901 million
Real Estate Dubai In January 2022 and January 2023
January 2022: According to the National Association of Realtors, there was a 3.2% decrease in existing home sales from January 2021 to January 2022. The median existing-home price was $303,900, up 14.1% from a year ago.
January 2023: The National Association of Realtors reported that existing home sales increased by 3.3% from January 2022 to January 2023. The median existing-home price was $319,400, up 5.2% from a year ago.
Real estate prices in January 2022 and January 2023 can vary greatly depending on the location. In general, real estate prices tend to appreciate over time, but the rate of appreciation can vary widely depending on local market conditions.
January 2023 was recorded as the most favorable January in decades in terms of property sales value.
Top Performing Areas In January 2023
Jumeirah Village Circle
Jumeirah Village Circle is a luxurious residential and commercial community in the heart of Dubai. With its modern infrastructure and iconic landscape, this vibrant district is the perfect destination for those looking to invest in a luxury lifestyle.
The area is home to world-class amenities, including a range of luxury shopping and dining experiences, as well as a wide selection of sports and leisure activities. As one of the most sought-after areas in the city, Jumeirah Village Circle offers a unique living experience that is truly second to none.
The area boasts a diverse range of residential properties, ranging from lavish villas to elegant townhouses and stylish apartments. Each home is built to the highest standard, with contemporary furnishings and modern amenities.
Residents of Jumeirah Village Circle enjoy easy access to some of the city’s most popular attractions, from the Dubai Mall and the Burj Khalifa to the Palm Jumeirah and the iconic Dubai Marina. There is also a variety of schools, medical facilities, and leisure centers to choose from, making it the perfect place to raise a family.
People are investing in this area for its unparalleled luxury, convenience, and accessibility. It is the perfect place for those seeking a lifestyle of opulence and sophistication, while still being close to the city’s most popular attractions. With its modern infrastructure and excellent facilities, Jumeirah Village Circle is the perfect choice for those looking for the perfect home in the most vibrant part of Dubai.
Ready Flat Sold: 584 – Total Cost: 290M
Ready Villas Sold: 34 – Total Cost: 63M
Off Plan Flat Sold: 420 – Total Cost: 300M
Off Plan Villa Sold 7: – Total Cost: 18690000
Dubai Creek Harbour
Dubai Creek Harbour is a luxurious destination for those seeking an escape from the everyday. Sprawled across the banks of the iconic Dubai Creek, this waterfront destination is a haven of indulgence, offering those who visit an opportunity to enjoy the ultimate in relaxation and luxury.
At the heart of the destination are the two signature towers – the Dubai Creek Tower and the Dubai Creek Residences. With their modern architecture, these towers offer breathtaking views of the Dubai skyline and the waterfront, as well as a range of exclusive amenities, including a pool, spa, and fitness center.
For those looking to take a break from the hustle and bustle of the city, Dubai Creek Harbour also offers a variety of outdoor activities and entertainment, including a variety of water sports, a marina, and a range of shops and restaurants.
Ready Flats Sold: 102 – Total Cost: 244.82452 million
OFF plan flats sold: 606 – Total Cost: 1.3977 billion
Al Hebiah Fifth
Al Hebiah Fifth is an exclusive residential compound located in the heart of Riyadh. It is the perfect choice for those seeking a luxurious lifestyle with an emphasis on superior quality and modern amenities.
Home to the city’s elite, this development is a true masterpiece of design and architecture. The compound features some of the most advanced and luxurious amenities available in the city. From the grand entrance gates to the beautifully landscaped gardens, Al Hebiah Fifth offers an unparalleled living experience.
The compound boasts a wide range of amenities, from a private gym and swimming pool to a shopping center and children’s play area. All residents also have access to a 24-hour security service and concierge. Investors are flocking to Al Hebiah Fifth due to the compound’s prime location and superior quality.
The area is close to the city’s major business districts, making it ideal for those looking to invest in the area. The compound is also conveniently located near a variety of restaurants, cafes, and entertainment venues.
Total Land Sold: 535 – Total Cost: 1.778908 billion
Palm Jumeirah
Palm Jumeirah is a luxurious man-made island located in Dubai, UAE. It’s the world’s largest man-made island and is home to some of the most magnificent and opulent residences in the world. It’s the perfect place to experience the best of what the city has to offer. From its stunning beaches to its upscale shopping and dining options to its vibrant nightlife, Palm Jumeirah is an idyllic paradise.
The island is made up of a series of luxury apartment buildings and villas, with each unit offering its own breathtaking views of the Arabian Gulf. From the terraces of each residence, you can enjoy the stunning sunsets and night sky, as well as the breathtaking views of the Palm Jumeirah skyline.
Ready Flat Sold: 140 – Total Cost: 570.431881 million
OFF Plan Flats: 426 – Total Cost: 375224715.6
Top Performing Projects In January 2023
Burj Khalifa
Burj Khalifa is a marvel of modern engineering and design. Rising up above the Dubai skyline, it is a symbol of luxury, opulence, and grandeur. From its 828-meter-high observation decks, visitors can enjoy breathtaking views of the city and its glistening desert.
The world’s tallest skyscraper, Burj Khalifa is an architectural masterpiece. Its sleek, modern design and elegant curves are a tribute to Dubai’s ambition and commitment to progress and development. The building is made up of several distinct sections, each designed with intricate details and geometric patterns. The interiors of Burj Khalifa are no less luxurious.
From the grand lobby to the luxurious suites and apartments, it features exquisite finishes, extravagant amenities, and stunning views. The building also features a range of exclusive restaurants and bars, where visitors can enjoy the highest quality of cuisine with their friends and family.
Ready Flat Sold: 190– Total Cost: 435.909113 million
Ready hotel apartment: 44– Total Cost: 204.060608 million
Ready office: 3– Total Cost: 50.2 million
OFF Plan Flats: 236– Total Cost: 1.217516 billion
OFF Plan hotel apartment: 5– Total Cost: 16.8 million
Dubai Marina
Dubai Marina is a luxurious waterfront paradise, with its shimmering skyline, breathtakingly beautiful beaches, and exclusive lifestyle amenities. From the moment you enter this luxurious community, you can feel the extraordinary vibrancy and energy that makes it so special.
The elegant architecture, gorgeous landscaping, and vibrant social scene make Dubai Marina an ideal place to live, work, and play. With its world-class shopping, dining, and entertainment options, there is something for everyone in the area. From luxury hotels and fine-dining restaurants to renowned art galleries and cultural experiences, this marina district is a hub of activity.
Ready Flat Sold: 319– Total Cost: 589.005824 million
Ready Hotel Apartment: 8– Total Cost: 9.460625 million
Ready shop: 4– Total Cost: 11.23066 million
OFF Plan Flats: 33– Total Cost: 88.745096 million
OFF Plan hotel room: 82– Total Cost: 116.423057 million
Dubai Hills
Dubai Hills is an exclusive residential and commercial development that offers luxurious living in the heart of the city. Located in the Al Barsha area of Dubai, this opulent development is the perfect place for those looking for a luxurious lifestyle.
Dubai Hills offers an array of high-end amenities including world-class shopping, dining, and entertainment experiences, as well as luxurious residential apartments, villas, and townhouses. The development is designed to provide an exclusive and sophisticated lifestyle experience, with a variety of amenities and features that ensure a comfortable and luxurious stay.
Ready Flat Sold: 126– Total Cost: 318.820416 million
Ready land: 3– Total Cost: 16.85 million
Ready Residential Sold: 14– Total Cost: 72.547444 million
Ready Residential Flat Sold: 24– Total Cost: 272.425771 million
Ready Residential Flat Sold: 26– Total Cost: 90.815957 million
OFF Plan Flats: 217– Total Cost: 371.320459 million
Jumeirah Lake Towers
Jumeirah Lake Towers is an oasis of luxury in the heart of Dubai. From its luxurious apartments and penthouses to its upscale shopping and dining, Jumeirah Lake Towers is the perfect place to indulge in the finest lifestyle Dubai has to offer.
The towers are surrounded by lush landscaped gardens, sparkling lakes, and tranquil waterways, providing a serene atmosphere to escape the hustle and bustle of the city. With a variety of high-end amenities, residents can enjoy a range of activities such as swimming in the lake, relaxing in the spa, or taking a leisurely stroll around the lake.
Ready Flat Sold: 112– Total Cost: 142.521086 million
Ready commercial Sold: 5– Total Cost: 328.689504 million
Ready office Sold: 78– Total Cost: 89.760063 million
Ready Residential Sold: 1– Total Cost: 122.5 million
Ready Shop Sold: 5– Total Cost: 7.665 million
OFF Plan Flats: 116– Total Cost: 144.343601 million
OFF Plan Office: 1 – Total Cost: 0.434 million
Town Square
A town square is a place of luxury and opulence, where people come together to enjoy the best of what life has to offer. From fine dining and shopping to entertainment and culture, the town square has something for everyone. With a host of restaurants, boutiques, art galleries, and more, the town square is an ideal destination for those looking for a luxurious experience.
The town square is the best because it is a hub of activity and a place to connect. It is a place where people come together to share ideas, experiences, and passions. Whether you’re looking for a relaxing evening out with friends or a night of fun and excitement, the town square has something for ever
Ready Flat Sold: 47– Total Cost: 34.029954 million
Ready Villa: 28– Total Cost: 46.115318 million
OFF Plan Flats: 307– Total Cost: 179.604616 million
Top five areas with the most expensive sold villas:
- Palm Jumeirah –
AED 125M - Al Bada – AED 49M
- Emirate Living – AED 45M
- Elysian Mansions, Tilal Al Ghaf – AED 45M
- Al Barsha South First – AED 3
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