The property market in Dubai in October 2023: an increase in the number of transactions and the cost of ready-made properties.

According to data by Property Finder, the real estate market in Dubai saw an 81% increase in the volume of ready-made property transactions since October 2022. The total value of transactions went from AED 14.2B (USD 3.9B) to AED 25.B (USD 7B) in 2023. Sales volumes grew 36.8% year-on-year to 5,602 deals compared to 4,095 in October of last year.

The main price growth, accounting for 54% of all real estate sold, was connected to properties in Dubai Marina, Palm Jebel Ali, Al Sufouh 2, Palm Jumeirah, Deira, Nad Al Sheba First, Jumeirah Village Circle, Downtown Dubai near Burj Khalifa, Al Hebiah Fifth and Business Bay.

More than 45% of all completed property transactions took place in the following 10 neighbourhoods:

The total value of the 7,128 transactions that took place in the emirate in October reached AED 29.7B (USD 8.1B) – a 17.5% increase from October 2022. In terms of properties purchased, buyer interest was distributed as follows: 60% chose apartments, 40% chose villas or townhouses.

The most popular neighbourhoods to buy an apartment in were Dubai Marina, Downtown, Jumeirah Village Circle, Business Bay and Palm Jumeirah. By contrast, the preferred neighbourhoods to buy villas and townhouses in were Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, Al Furjan and Mohammed Bin Rashid City.

In terms of rental properties, in October 2023, renters preferred leasing apartments in the following neighbourhoods:

The most popular neighbourhoods to rent a villa or townhouse in were Jumeirah, Al Barsha, Arabian Ranches, Dubai Hills Estate, and DAMAC Hills 2.

More than 80% of renters chose to lease an apartment, compared to less than 20% choosing a villa or townhouse. Nearly 70% prefer to rent furnished accommodation, while approximately 30% chose to furnish their apartments themselves. One-bedroom apartments were the most sought-after property rental type.

When it came to furnished or unfurnished villas and townhouses, renters were nearly split 50/50 in their preference. Three-bedroom residences were the most commonly chosen property type to rent by this group.

The trends shown over the past year demonstrate the popularity Dubai has with expats and foreign investors. This is due to the emirate’s wide range of property options, excellent conditions for relocating businesses, long-term residency opportunities for ready-made real estate investments and much more.