Dubai Real Estate Performance in Mid-February 2023

Mid-February Performance Of Dubai Real Estate

The Dubai real estate market has been upward since mid-February. According to the latest figures from the Dubai Land Department, the total value of real estate transactions in the city reached AED 15.87 billion between February 1st and February 15th with a total transaction of 5,255.

Top performing Area Of Dubai In Mid-February 2023

There are the following top-performing areas of Dubai business bay, Jumeirah Village Circle, Dubai Marina, DAMAC LAGOONS, and Mohammed Bin Rashid City.

According to the Dubai Land Department, the city real estate recorded 2785 transactions in real estate that is worth over Dh10.3 billion and it is only the week ending 10th February 2023. The top transactions were in the area of Wadi Al Safa, Um Suqaim, and Palm Jumeirah worth Dh 78 million, Dh 55 million, and Dh 50 million respectively.

The record stated that AL Hebiah Fifth had the most transactions in the week with 1330 sales transactions worth Dh 3999.18 million followed by Al Yufrah(51 sales transactions of Dh 301,69 million), and Ali First with 23 transactions (Dh 124 million).  

In the top three apartment and villa sales, the villa in Palm Jumeirah stayed on top which is sold for Dh 183 million, the apartment in Business Bay sold for DH 156 million, and an apartment sold in Al Wasi for Dh 117 million.

Along with it the value of the mortgaged properties for the week stood at the worth of Dh 3.48 billion. On the other hand, the properties were granted among the first-degree relatives worth Dh92 million. 

Best Performing Areas in Mid-February 2023

Wadi Al Safa

Wad Al Safa is one of the most desirable residential areas in Dubai. Set in the heart of the city, it offers a luxurious lifestyle with easy access to the city’s best amenities and attractions. The area is home to some of the city’s most luxurious and spacious properties. From stunning villas to chic apartments, Wad Al Safa offers everything you’d expect from a high-end part of town.

The area also boasts a wide range of shops, restaurants, and other leisure activities. In February 2023, Wad Al Safa saw the sale of over 500 properties.

The majority of these were residential villas and apartments, with some commercial and industrial properties also sold. This makes it one of the most active districts for property sales in Dubai. Wad Al Safa is a great place to live, work and play.

With its luxurious lifestyle and easy access to the city’s best amenities, it’s no wonder so many properties are sold in this part of town. Wad Al Safa has everything if you’re looking for a place to call home or a sound investment opportunity.

Le Mer

La Mer is one of Dubai’s most luxurious beachfront developments. Located on the iconic Jumeirah Beach, La Mer offers an unparalleled beachfront lifestyle with an array of shops, restaurants, and entertainment options. From its stunning beach-facing apartments to its luxury beach villas, La Mer has something for everyone.

During the first two weeks of February 2023, La Mer saw an impressive number of properties sold out. The luxurious beachfront development was a popular choice among investors and homeowners alike. From 1st to 15th February, a total of 134 properties at La Mer were sold out, with an average price per square foot of AED 2,600.

The properties sold included both residential apartments and villas, offering a range of options for those looking for an exclusive beachfront lifestyle. The success of La Mer’s February sales is a testament to its popularity and the appeal of its luxurious beachfront lifestyle.

With its stunning beach views, world-class amenities, and convenient location, La Mer offers an unparalleled lifestyle experience for residents. With more properties set to be released in the coming months, La Mer is sure to remain one of Dubai’s most sought-after beachfront developments.

Jumeirah Living

Luxury Living in Dubai is becoming more and more popular, with the spectacular Jumeirah Living developments in the area leading the way. This development is designed to offer the ultimate in luxury living, with a variety of apartments, villas, and townhouses to choose from.

The month of February 2023 saw an impressive number of properties sold in Jumeirah Living, with a total of 46 properties sold from 1st to 15th February. This includes 33 apartments, 7 villas, and 6 townhouses, providing a range of options to suit all budgets. The apartments come in a variety of sizes and styles, ranging from one-bedroom apartments to four-bedroom duplexes, providing a range of options for couples, families, and professionals. The villas and townhouses come in various styles and sizes, offering buyers various options. Jumeirah Living truly offers the best in luxury living, with its modern and sophisticated design, quality amenities, and excellent location.

It is no surprise, then, that it is one of the most sought-after developments in the city. With 46 properties sold in the area from 1st to 15th February 2023, it is clear that the demand for luxury living in Dubai is continuing to rise.

Mina Rashid

Mina Rashid, Dubai is a luxurious destination that has become one of the most sought-after places to invest in. From 1st – 15th February 2023, the area saw an influx of investors and buyers looking to purchase property in the area.

The area has a vast selection of properties ranging from lavish villas, apartments, and penthouses to luxurious beachfront developments and exclusive marina homes. With stunning views of the harbor and the Arabian Sea, it is the perfect destination for those looking for luxury living in the heart of Dubai. The area boasts a wide range of amenities and facilities such as world-class shopping, a variety of restaurants and cafes, a marina, and a wide range of leisure and entertainment options. Additionally, there are a number of high-end hotels in the area that offer luxurious accommodations to visitors from all over the world.

During the period from 1st – 15th February 2023, over 100 properties were sold in Mina Rashid, Dubai. This is indicative of the area’s growing popularity and the desire of investors and buyers to invest in this luxurious part of Dubai. With its modern infrastructure, luxurious lifestyle, and strong potential for capital growth, Mina Rashid is a great place to invest in.

The World

The World Islands, created by the renowned Nakheel Group in Dubai, offers a luxurious lifestyle like no other. A collection of 5man-made islands. The World Islands offer an exclusive range of luxury residential, recreational, and commercial developments for visitors to enjoy.

From luxury villas, beachfront apartments, and boutique hotels, to marinas and yachting clubs, there is something for everyone. From the 1st of February to the 15th of February, various properties in the World Islands were sold. According to the Dubai Land Department, there were a total of 718 properties sold in the World Islands in the two-week period, with a combined value of AED 517.9 million.

Most of these properties were off-plan, with a total of 663 units sold. Overall, the World Islands offer a unique experience for visitors, with its luxurious and unique developments being a major draw. Whether you are looking for a place to stay, a place to shop, or a place to relax, the World Islands has something for everyone.

All of these areas performed well till mid-February. After summing the statistics of properties sold in the areas, here are the total numbers that are impressive for Dubai real estate.

Total Transaction Amount: 20 Billion

Transaction: 6,159

Ready Flats Sold: 1860 which cost 2.9 Billion            

Ready Villas Sold: 205 which cost 791 million

OFF Plan Villas Sold: 341 which cost 814 million

OFF Plan Flat Sold: 1816 which cost 4.7Billion

Most Expensive Ready Properties Sold in Mid Feb 2023

Most Expensive OFF Plan Properties Sold in Mid Feb 2023

OFF Plan                         Flat             Island 2                 410000000

OFF Plan                         Flat             Island 2                 160300000

OFF Plan                         Flat             Island 2                 118705620

Key Takeaway

• The real estate market in Dubai has evolved significantly over the years, with a steady rise in investors and total investment value.
• The top performing areas of Dubai in mid-February 2023 include Business Bay, Jumeirah Village Circle, Dubai Marina, DAMAC Lagoons, and Mohammed Bin Rashid City.
• The best areas to perform in mid-February 2023 include Wadi Al Safa, La Mer, Jumeirah Living, and Mina Rashid.
• The World Islands saw a total of 718 properties sold in the two-week period, with a combined value of AED 517.9 million.
• The most expensive ready properties sold in mid-February 2023 include a villa in Palm Jumeirah for AED 183 million and a residential flat in Dubai Hills for AED

Relevant: 

• Dubai Real Estate Continues Growth Momentum With Record Transactions
• Dubai Real Estate Market Report of January 2023
• Dubai Real Estate Market Report of December 2022
• Latest TOP-20 Best Emaar projects in Dubai?