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04.08.2023 8:47

Dubai Real Estate Market Report Q2 2023

Dubai Real Estate Market Report Q2 2023

Key findings:

- Residential real estate transactions totaled 28,400 transactions and decreased by 3% compared to the first quarter of this year

- Sales volume in monetary terms remained unchanged at AED 71.6 billion ( $19.6 billion).

*Observation: real estate sales volume has been flat for 3 quarters now.

- The average price per square foot increased 4.8% in Q2, which combined with the 5.7% increase in Q1 is already over 10% for 1H 2023. The price in 2023 is increasing at about 1.5% per month. (In 2022, growth was 1% monthly)

- For Q2, 6,950 units of residential real estate were commissioned - down from 10,450 units in Q1 this year. 

*In the UAE, as in the RF, the main volume of commissioning occurred in Q4.

- More than 15,000 units were put on sale by developers in 56 new residential projects.

- Dubai's population now exceeds the 3.6 million mark, having increased by 100,000 people in the first half of 2023. In full compliance with the development plan until 2040 (according to the plan: growth of 150,000-200,000 people per year on average).