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Dubai Residential Property Market Update – April 2023

Dubai Residential Property Market Update – April 2023

The Dubai residential off-plan and ready property markets witnessed a month to month drop in the total number and value of transactions in April 2023. Various factors, including fewer developer launches, the Holy Ramadan season, School Spring break and Eid holidays have had an impact on these figures.
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Published: 24 May 2023
On the other hand, month on month average prices for off-plan properties increased by 35% from AED 3.1M (USD 850K) to AED 4.2M (USD 1.1M). Ready properties saw average transaction prices decrease: a 28% drop from AED 3.2M (USD 871K) to AED 2.3M (USD 624K).

The total year to date (April 2023) transactions in Dubai constitutes AED 66.5B (USD 18B). There were 19,733 off-plan transactions, amounting to AED 43.3B (USD 11.7B), and 13,088 deals for ready real estate, amounting to AED 23.3B (USD 6.3B).

Apartments with one bedroom have been the most popular properties for investors so far this year. The number of transactions by bedrooms this year up to April 2023 are as follows:

  • Studios – 6,148
  • One-bedroom apartments – 12,418
  • Two-bedroom apartments – 7,732
  • Three-bedroom apartments – 4,611
  • Four-bedroom apartments – 1,714

Ready & off-plan transactions

In the emirate of Dubai, sales transactions for ready property constituted AED 5.3B (USD 1.4B), according to the Dubai residential property market update for April 2023 by Metropolitan Premium Properties. Off-plan sales transaction reached AED 7.9B (USD 2.1B).

In terms of transaction value, the majority of deals in April were concluded with off-plan properties (60%). The transaction value for ready real estate is 40% of the total number of deals.

In terms of the number of transactions, there were 3,870 off-plan deals (57%) and 2,950 transactions for ready properties (43%).

Top property investment locations in Dubai in April 2023

The latest research by Metropolitan Premium Properties reveals the top three communities for off-plan investments and ready properties.

The best communities to acquire an off-plan property:

  1. Dubai Marina
  2. Dubai Hills
  3. Jumeirah Village Circle

The top neighbourhoods to purchase ready real estate:

  1. Downtown Dubai
  2. Palm Jumeirah
  3. Dubai Marina