Dubai Property Deals Up by 22.76% in 2023

Mo’asher, Dubai’s official sales price index, launched by Dubai Land Department (DLD), in cooperation with Property Finder, on Monday said in its latest report that the sales transactions in the Emirate increased by close to 23% increase in Q3 of 2023 compared with the corresponding period last year.

Property Finder is a leading real estate portal covering the sales and rental marketplace with operations across Egypt, KSA, UAE, Bahrain, and Qatar.

According to the report, at the end of the quarter ending in September 2023, DLD recorded a total of 31,181 transactions in Q3 of this year compared with 25,400 in Q3 of 2022, marking a 22.76% year-on-year increase in the performance of ready and off-plan transactions, leading to Dubai’s highest quarterly peak in a decade.

In Q3 of 2023, the sales transactions recorded the highest value ever for a quarter by reaching $26.5 billion compared to $18.89 billion in Q3 of 2022. The market value of sales transactions increased by 40.6% compared with Q3 of 2022, forming a new high for the total sales value.

The report further noted that this growth was due to strong growth in the tourism industry as well as the economy overall driving greater demand for housing, in addition to instability of the global economy.

Key Areas

According to DLD data, a total of 132 areas saw real estate transactions in the third quarter of this year, with 54.1% of the total transactions being accounted for by just ten areas.

Leading the pack was Al Barsha South Fourth, which contributed 8.6% of the total transactions, followed by Business Bay at 7.7%, and Al Merkadh with almost 7.3%.

Interestingly, there was a significant increase in demand for places out of the top ten areas, such as Al Hebiah Sixth which saw an almost 374% increase in transactions, as well as Zabeel Second with around 738% and Al Goze Second by recording 458 sales transactions compared to just one transaction in Q3 of 2022.

“Looking at the top ten areas in terms of transaction volume, Al Thanyah Fifth saw a notable increase of 133%, followed by Wadi Al Safa 5 with an increase of 110% and Al Merkadh with a 80% increase,” the report said.

The existing/ready transactions in Q3 of 2023 presented 52.8% of the total sales transactions compared to 53.5% in Q3 of 2022. The off-plan transactions contributed to 47.2% of the total sales transactions compared to 46.5% in Q3 of 2022.