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Dubai Residential Real Estate Market Snapshot - May 2023
May 11, 2023
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The total volume of residential transactions in Dubai stood at 7,615 in April 2023. While this figure highlights a drop in activity levels compared to the prior month, it still marks an increase of 16.2% from the previous year. This growth has been underpinned by a 42.5% increase in off-plan market sales, whilst secondary market sales have dropped by 2.4%. In the year to date to April 2023, a total of 36,946 transactions have been registered, the highest total ever recorded over this period.
Key Takeaways
- The total volume of residential transactions in Dubai stood at 7,615 in April 2023, registering a 16.2% growth from the previous year.
- In the year to date to April 2023, a total of 36,946 transactions have been registered, this is the highest total ever recorded over this period.
- In the year to April 2023, Dubai’s average residential prices increased by 14.5%. Over this period, average apartment prices rose by 14.5% and average villa prices by 14.9%.
- In the rental market, average rents in the year through April 2023 increased by 25.8%, where average apartment and villa rents grew by 25.7% and 26.1%, respectively.
