Dubai Real Estate Transactions Hit $7.2bn In April, 46% Up On Last Year
Dubai’s thunderous real estate market saw 8,077 real estate transactions in April 2023. According to the data, the Dubai property market continued to show robust performance recording AED26.5 billion in transactions in April 2023. The city recorded 8,077 real estate transactions in April 2023 which is a 17 percent hike in volume as compared to 6,898 transactions in April 2022.
Dubai Real Estate 2023
The value of the transactions saw an increase of 46 percent in comparison to the same month last year. In a decade, these numbers mark the highest volume and value of transactions in April.
According to the sources, in the last month, 58.2 percent of the people who wanted to buy a property in Dubai were looking for an apartment in Dubai. While the rest 41.8 percent of the people were keen on villas and townhouses in Dubai.
The month of April 2023 recorded an increase in the percentage of potential investors finding apartments in Dubai from 55.8 percent in April 2022 to 58.2 percent. Among these investors, the demand for two-bedroom apartments in Dubai accounted for 35.2 percent which was also the most searched option, followed by one-bedroom apartments in Dubai which stands at 31 percent.
Looking into the Dubai rental segment in April, the tenants who looked for apartments for rent in Dubai stood at 78.3 percent, and the rest 21.7 percent of the tenants searched for rental villas and townhouses in Dubai. Among all these tenants 64.1 percent of them wanted well-furnished apartments in Dubai for a more extended stay, while on the other hand, 34.2 percent of the tenants were looking for unfurnished properties in Dubai.
Among all the tenants who can manage to afford the rent of a villa in Dubai or rent of a townhouse in Dubai, around 56.8 percent of them favored unfurnished properties in Dubai, on the other hand, 42.1 percent were searching for Dubai furnished villas and townhouses.
The tenants searching for one-bedroom apartments in Dubai stood at 33.4 percent in the last month, while 30.7 percent of the tenants were looking for two-bedroom apartments in Dubai, followed by studios, which accounted for 23.8 percent of the tenants’ choices. In the case of the Dubai villa and townhouses, the tenants primarily searching for three-bedroom properties in Dubai stood at 41.6 percent, on the other hand, the tenants looking for four-bedroom or larger options accounted for 36 percent.
What remarkably supported Dubai’s real estate market elevation in April were the off-plan transactions in Dubai. They accounted for 30.3 percent of the total sales transactions value and 48.2 percent of the volume. The size of Dubai’s off-plan real estate market sales increased by 43.7 percent YoY (year-on-year), with 3,894 transactions recorded in comparison to 2,079 in April 2022.
The existing real estate transactions in Dubai experienced a strong rise in value at around 44 percent YoY, reaching approximately AED18.5 billion in comparison to AED12.8 billion in April 2022.
According to the sources, the following are the top preferred areas for the owned units in April 2023:
- Dubai Marina
- Business Bay
- Downtown Dubai
- Palm Jumeirah
- Jumeirah Village Circle.
And the top searched areas for those searching to own villas and townhouses in Dubai are Palm Jumeirah, Dubai Hills Estate, Arabian Ranches, DAMAC Hills (Akoya by DAMAC), and Mohammed Bin Rashid City.
In the off-plan market segment in Dubai, Dubai Marina accounted for 12.1 percent of the total sales value and 6.4 percent of the total sales volume. A new member to the top three, Hadaeq Sheikh Mohammed Bin Rashid stood second, accounting for around 9.1 percent of the total transaction value and 8.1 percent of total transaction volume.
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