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In February, more than USD 7.3 billion worth of real estate transactions were carried out in Dubai

In February, more than USD 7.3 billion worth of real estate transactions were carried out in Dubai
Based on the Property Finder report, Dubai has recorded a 65% year-on-year increase in property transactions.

In February 2023, 9,020 purchase and sales deals were carried out, which is significantly higher than the number of deals in the same month in 2022, at 6,310. AED 26.7 billion (USD 7.3 billion) worth of properties were sold, which is an increase of 65% compared to last February.
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Published: March 15, 2023
The number of sales deals with existing property worth more than AED 15.6 billion (USD 4.2 billion) increased by 32% compared to February 2022, which was AED 11.8 billion (USD 3.2 billion).

Based on this information, one can see the development trend in the choice of real estate by tenants and owners:

  1. About 60% of those who want to buy their own property choose apartments, with the remaining 40% preferring to purchase townhouses or villas.
  2. Among renters, interest in apartments was 80% and 20% of interest was in villas and townhouses.
  3. 65% of people who want to rent an apartment for an extended stay are considering a furnished property, and 33% prefer an unfurnished apartment.
  4. Among those who want to rent a villa or townhouse, 55% prefer properties without furniture and 44% want a furnished property.
  5. 41% of tenants were interested in renting a one-bedroom apartment, 33% of renters were looking for a two-bedroom apartment, and 20% preferred studios.
  6. 36.4% of people wanted to rent a villa or a townhouse with two bedrooms and 31% were looking for a three-bedroom property.
In February of this year, sales of existing and off-plan real estate reached their top level.

Half of the total amount of real estate transactions were registered with off-plan property, which amounts to 41% of the total cost of transactions in Dubai. Based on this information, one can notice a positive trend in off-plan property in Dubai.

The volume of off-plan property increased by 77.8% and amounted to more than 4,500 deals compared to February 2022, which was 2,533. The total value rose by 154%, and amounted to AED 11 billion (USD 3 billion) against AED 4.4 billion (USD 1.2 billion) compared to last February.

The number of transactions with secondary and finished real estate increased by 20% compared to last year, and amounted to more than 4,500. The total sales value for resale and finished property rose by 32% and amounted to AED 15.6 billion (USD 4.2 billion), compared to AED 11.8 billion (USD 3.2 billion) last February.
In Dubai, a positive trend in the purchase and sale of real estate continues. A record number of sales was recorded in the first month of 2023 at 9,800, and in the next month (February), this number increased even more.

Property Finder has compiled a list of areas where apartment searches were most active in February 2023:

  • Dubai Marina
  • Downtown Dubai
  • Business Bay
  • Palm Jumeirah
  • Jumeirah Village Circle

Those wishing to rent a villa or a townhouse preferred the areas of Dubai Hills Estate, Mohammed Bin Rashid City, Palm Jumeirah and Arabian Ranches.

According to Scott Bond, Regional Manager of Property Finder in the UAE, there is still a stable demand for housing, as well as a growing demand for property acquisition, which is driving the growth of the Dubai property market. The beginning of 2023 has seen a powerful push for the emirate's real estate industry. Growing buyer inquiries, coupled with record success in February, point to a positive future for the Dubai property market and show the emirate as a solid platform for clients.