Dubai Real Estate Market Report | Q3 2023
PropX
The Dubai real estate market had a successful run in the third quarter of 2023, marked by an impressive surge in activity. This can be attributed to a multitude of off-plan projects and enticing payment options that have piqued the interest of investors in the emirate's real estate sector. Consequently, the majority of areas within Dubai have experienced positive trends, with a notable uptick in both average sales prices and rental yields.
As per data released by the Dubai Land Department, the Dubai real estate market has witnessed remarkable growth in the third quarter of 2023, affirming Dubai's status as a global real estate hub with enduring allure.
As per the Dubai Land Department, Q3 2023 witnessed a total of 30,891 residential property sales transactions, including both ready and off-plan properties. Dubai's real estate market achieved a remarkable total sales value of AED 97.5 billion. This signifies a substantial 7% quarter-over-quarter (QoQ) upswing and an impressive 40.4% expansion when contrasted with the same period in 2022.
Q3 2023 Dubai Real Estate Market Performance:
- Supply
- 36 project were completed in Q3 composing over 7,000 units.
- 90 projects were registered which is the highest number of quarterly project launches.
- Sales Volume
- 31,000 property sales transactions
- 23% increase compared to Q3 2022
- Sales Value:
- AED 98 billion in Q3 2023
- 40% increase from Q3 2022
- Off-plan Properties:
- 16,700 recorded sales of off-plan properties.
- 20% increase in sales volume compared to Q2 2022.
- Sales value for off-plan properties surged to AED 50 billion, showing an impressive 56% increase.
- Ready Properties
- There were 14,700 sales of ready properties.
- 26% increase in sales volume compared to Q3 2022.
- Sales value for ready properties reached AED 47 billion, representing a notable 27% increase from the previous year.
Disclaimer:
The information provided in this article is intended for general informational purposes only. The data and insights presented in this Dubai Real Estate Market Report have been collected from a variety of reputable sources, including the Dubai Land Department (DLD), Bayut, Dubizzle, research reports on the real estate market, official government publications, and well-established real estate agencies.
While we strive to ensure the accuracy and reliability of the information, real estate markets are subject to fluctuations and variables that can change rapidly. Therefore, readers are advised to use this information as a reference point and to seek professional advice and conduct their own research before making any decisions related to real estate investments or transactions.
The content of this article does not constitute financial or investment advice, and the author and publisher are not responsible for any decisions or actions taken based on the information presented herein. Real estate markets can be complex and ever-changing, and it is essential to consult with experts and conduct due diligence before making any significant financial commitments in the Dubai real estate market or any other real estate market.
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