Step into the Dubai Real Estate Market Report for December 2023, a journey into the latest insights and trends within one of the world's most dynamic property markets. This month's report is a testament to Dubai's real estate sector's remarkable resilience and growth, featuring an astonishing 11,287 property transactions with a combined sales value of AED 41 billion. Noteworthy is the surge in total property transaction value, boasting an impressive 18.7% increase, while transactions themselves have skyrocketed by a remarkable 58.3% compared to the same month last year. These figures mirror the city's ever-thriving property market. Join us as we uncover the key highlights and developments shaping Dubai's real estate landscape in December 2023.
SALES VALUE AND TRANSACTIONS
n the enchanting landscape of Dubai's real estate market in December 2023, we witnessed captivating shifts in sales value and volume across diverse property categories. Plots emerged as the true stars, experiencing an awe-inspiring surge of 187.6%, boasting a total value of AED 18.9 billion when compared to December 2022. Villas, though showing a modest decline of -26.7% in sales volume, still retained their charm, totaling 1,362 units with a sales value of AED 3.9 billion. Apartments, the steady pillars of the market, continued to shine with a substantial 21.3% increase in sales, reaching an impressive 8,519 units and a sales value of AED 18 billion. Adding to the intrigue, the commercial property segment exhibited robust growth, recording a 37.5% surge in sales value, totaling AED 599.2 million, with 359 transactions. These remarkable figures underscore the dynamic essence of Dubai's real estate market, where each property category contributes to its vibrant growth and expansion.
MONTHLY PERFORMANCE AND SALES VOLUME
In December 2023, there was a remarkable year-on-year surge of 18.7% in transaction value, totaling AED 41.3 Billion.Â
TOP PERFORMING DUBAI AREAS
In the scintillating tale of Dubai's real estate market performance in December 2023, several areas emerged as the shining stars. Al Barsha South Fourth took the lead with an impressive sales volume of 1,244 transactions, accumulating a sales value of AED 1,095 million. Business Bay followed closely, recording 1,011 transactions with a substantial sales value of AED 1,727 million. Dubai Marina, with its undeniable allure, contributed significantly with 698 transactions and a remarkable sales value of AED 2,928 million. Dubai Hills Estate added to the narrative with 637 transactions and a sales value of AED 1,293 million. Lastly, Falcon City of Wonders, known for its unique charm, saw 370 transactions and a sales value of AED 439 million. These areas illuminated the December 2023 real estate landscape, showcasing their prowess in both transaction volume and sales value, adding depth to Dubai's ever-evolving property market.
PROPERTY PRICE AVERAGES
The Dubai real estate scene in December 2023 displayed a uniform rise in average property prices, highlighting a consistent uptrend across various property sectors. Notably, while most segments witnessed positive growth, villas experienced a marginal dip in prices, which was outweighed by the overall upward trajectory in Dubai's property market.
RENTAL PRICES
The average rental prices for apartments surged to AED 68,000, marking a substantial 18.3% increase compared to December 2022. Likewise, villa rentals experienced remarkable growth, with an average price of AED 165,000, showcasing a substantial uptick of 23.1% from the previous year. Additionally, the commercial property segment displayed a positive trend, with average rental prices reaching AED 44,500, indicating a notable increase of 3.5% compared to the same period in 2022. These fluctuations in rental prices underscore the dynamic and evolving nature of Dubai's property market.
FINAL THOUGHTS
In conclusion, November 2023 has been a remarkable month for the Dubai real estate market. The surge in property transactions, with a total value of AED 37 Billion, reflects the city's vibrant property sector and its enduring appeal to investors and residents alike. This growth, with a YoY increase of +27.56%, underlines the city's resilience and continued potential as a global real estate hub.
While average prices per square foot saw a modest 1.6% rise compared to the previous year, the diversity in median prices across popular Dubai neighborhoods showcases the city's ability to cater to various preferences and budgets. From the bustling Business Bay to the tranquil Villanova, Dubai offers a wide range of options for property buyers and investors.
Furthermore, the shift towards homeownership, with rising demand in the mid-market segment and a notable increase in mortgage transactions, signals a changing landscape in Dubai's real estate. As the city continues to adapt and evolve, it remains an attractive destination for those seeking real estate opportunities, whether as investors or prospective homeowners.
For more insights and detailed statistics, you can download our full Dubai Real Estate Market Report for November 2023. It's an exciting time for Dubai's property market, and the future promises even more opportunities for growth and investment in the ever-evolving cityscape.
Download the full Dubai Real Estate Market Report for December 2023: