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In Dubai, the amount of real estate transactions for the month amounted to AED 42B (USD 11.4B)

In November 2023, the amount of transactions amounted to AED 42B (USD 11.4B). Buyers prefer one-bedroom apartments in ready-made complexes.
December 7, 2023
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The Dubai Land Department (DLD) has published a report on real estate market trends. According to the study, in November 2023, the amount of transactions amounted to AED 42B (USD 11.4B). This figure is 36% higher than in November 2022. Ready-made properties became a key element in the market during this period and account for 52% of the total number of purchase and sale transactions and 67% of the total value of transactions.

The sales volume of finished real estate increased by 10% to 6,335 transactions, which is 586 more than in November of last year. The impressive growth is accompanied by an increase in the cost of housing by 60%. In November 2023, the value of finished real estate transactions was AED 28B (USD 7.6B), compared to AED 17B (USD 4.6B) in the same period in 2022.

Tenants were more interested in the following areas: Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Jumeirah Lake Towers.

One-bedroom apartments were the most popular properties to rent - 36% of transactions. Second place in popularity were two-bedroom apartments which accounted for 30% of transactions. Studios came in third place with 24% popularity. In the segment of villas and townhouses, 42% of tenants chose options with three bedrooms, and 35% with four or more bedrooms.

This report from the Dubai Land Department shows the dynamic state of the real estate market. The increased demand for housing in the emirate is due to the development of infrastructure, favourable living conditions and the wide range of real estate available. Despite the increase in the cost of housing, the number of transactions and the volume of investments are growing, indicating the development and high activity of the real estate market in Dubai.
Dynamic state of the market
A wide range of real estate
The most popular areas for buying a home were Palm Jebel Ali, Me'Aisem Second, Palm Jumeirah and Business Bay
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