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In Dubai, real estate sold for AED 61.8B (USD 16.8B) in Q3 2023

Property values and sales volumes have reached a 10-year high. DAMAC Hills, Dubai Hills Estate and Palm Jumeirah are leading the way in the ranking of villa purchases.
November 20, 2023
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According to Property Finder's quarterly report, the Dubai real estate market saw transactions worth AED 61.8B (USD 16.8B) in Q3 2023. This figure is 37% higher than the same period in 2022, 11% higher than in Q2 2023, and a 10-year record.

Off-plan properties accounted for 47% of transactions, worth AED 35.7B (USD 9.7B), indicating an increase of 25% year-on-year. In the secondary housing market, 16,467 deals were concluded, 21% more than in Q3 2022.

The surge in sales in 2023 has led to the emergence of new trends in the market, and an increase in the value of real estate and rentals. Due to the rise in rental prices, tenants have become more likely to buy real estate.

According to the report by Property Finder, the most popular areas to buy apartments are Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah and Jumeirah Village Circle. The same areas are popular for renting, only instead of Palm Jumeirah, Jumeirah Lake Towers (JLT) makes the top 5. DAMAC Hills, Dubai Hills Estate, Palm Jumeirah, and Arabian Ranches are leading the way in terms of buying villas. For villa rentals, people prefer DAMAC Hills, DAMAC Hills 2, Al Barsha, Dubai Hills Estate and Jumeirah.

The Dubai real estate market ended the third quarter of 2023 with increased sales volume, higher demand for off-plan projects and growing demand for property, including in DAMAC Hills and DAMAC Hills 2. The emirate's real estate market is evolving and provides more opportunities for profitable capital investment.
Emergence of new trends in the market
Higher demand for off-plan projects
Dubai's real estate market is showing steady growth due to the development of infrastructure and the construction of new projects, including in the mid-price segment
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