Average Property Volumes In Dubai Spiked 43% In February 2023
We analysed the property market performance, including new builds in Dubai, and highlighted the core trends.
Generally, real estate in Dubai continues to grow, with the trend relevant across all markets, from rental properties to existing and new build homes. In fact, average volumes of real estate transactions in Dubai increased by 43% in February 2023, year-on-year.
Real Estate Market Stats: February 2023
The number of real estate sales in February hit 9,020, a 43% increase from 6,310 transactions in February 2022. Meanwhile, total values amounted to ED 26.7bn, a 65% rise against the same time last year.
As for the ready-to-move new build homes in Dubai, the volume of deals increased by 20% over the past 12 months. Unsurprisingly, off-plan property sales saw a staggering 78% increase over the same period as Dubai continues to welcome an influx of foreign property buyers and investors.
Total values of sold new builds in Dubai reached AED15.6bn last month, a 32% jump against values in February 2022. These numbers represent the 10-year record-high monthly value we saw in the Dubai property market.
Most Promising Districts
Dubai Marina, Downtown Dubai, and Business Bay are the most demanded and heated property markets in 2023, with new apartments as the most sought-after property type.
In turn, areas like Dubai Hills Estate, Palm Jumeirah, and Arabian Ranches prove popular among buyers looking to rent or buy new villas and townhouses in Dubai.