Dubai Real Estate Market Continues to Strengthen in October 2023

According to data released by the Dubai Land Department (DLD), the Dubai real estate market continued to perform strongly in October 2023, with both transaction volume and value increasing significantly compared to the previous month.

During the period from October 1 to 17, 2023, a total of 3,703 real estate transactions were recorded, marking a 19% increase from September 2023. In terms of value, these transactions amounted to AED 16.75 billion, reflecting a substantial 31% surge compared to the previous month.

The apartment segment was the most active during this period, accounting for 2,545 transactions worth AED 9.3 billion. This represents a 21% increase in volume and a 33% increase in value compared to September 2023.

The villa segment also performed well, with 844 transactions worth AED 6.3 billion being recorded. This represents a 17% increase in volume and a 29% increase in value compared to September 2023.

In terms of off plan sales, a total of 1,894 transactions worth AED 10.2 billion were recorded during this period. This represents a 23% increase in volume and a 35% increase in value compared to September 2023.

• Off-plan transactions:
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Number of transactions: 1,894

Total value: AED 10.2 billion

• Ready apartment transactions:
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Number of transactions: 1,809

Total value: AED 6.55 billion

Related: Dubai Luxury Properties Market Continue Break Sales Record

As you can see, off plan transactions accounted for 51% of the total number of apartment transactions in Dubai during this period, while ready apartment transactions accounted for 49%. However, in terms of value, off-plan transactions accounted for 61% of the total value of apartment transactions, while ready apartment transactions accounted for 39%. This suggests that buyers are increasingly interested in off plan properties, likely due to the fact that they are often available at a lower price per square foot than ready apartments. Additionally, off-plan buyers have the opportunity to customize their property to their liking and to benefit from any capital appreciation that may occur between the time of purchase and the time of completion.

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