The Total Value of Real Estate Transactions in october Amounted to AED 24B (USD 6.5B)

The volume of real estate transactions in Dubai showed record values. In October 2023, deals worth a total of AED 24B (USD 6.5B) were concluded. The secondary housing market accounted for 5,190 transactions, or 79% of total sales. Apartments were the most popular, making up 65% of sales, while villas and townhouses totaled 26% of transactions, and commercial real estate accounted for 9%.

Buyers were most interested in real estate in the middle price segment, choosing properties that cost a maximum of AED 3M (USD 817K). Figures for this type of housing exceed 73% of the total number of sales. The leaders in terms of the number of sales transactions of apartments in October were such areas as Dubai Marina, Downtown Dubai and Dubai Hills Estate. The top three areas to buy villas and townhouses were The Springs, Arabian Ranches and Reem.

The real estate rental market also showed resilience – 40,840 transactions were made, despite the fact that the cost of rent increased by an average of 20% over the year. This fact underlines people's interest in rental housing. In October, there was a significant surge in new customer registrations — 64%. At the same time, due to the rise in prices, landlords began to offer flexible payment terms more often.

The popularity of purchasing housing priced at AED 3M (USD 817K) or less shows the high demand for more affordable housing in the emirate and in particular the Dubai Marina area. Now, in the Dubai real estate market, demand outstrips supply. Experts believe that in 2024 the situation will normalize due to the implementation of large projects, including in the middle price segment.

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