Press release
Residential transactions in Dubai surpass 2022 record
CBRE releases its Dubai Residential Market Snapshot – November 2023
November 23, 2023
Associated Contact
Taimur Khan
Head of Research
In October 2023, the number of transactions in Dubai’s residential market totalled 6,407, marking a drop of 23.6% from the year prior. Over this period, off-plan transactions declined significantly by 57.2%, whilst secondary market transactions grew by 29.5%. Despite this recent slowdown, in the year to date to October 20231, a total of 93,590 residential transactions were recorded, surpassing the 2022 full year total of 92,178, which was the highest total ever recorded in a year until now.
Dubai’s average residential prices increased by 19.1% in the year to October 20232, marginally down from the 19.6% rate of growth registered a month earlier. Over the same period, average apartment and villa prices rose by 18.7% and 21.4%, respectively. In October 2023, average apartment prices stood at AED 1,364 per square foot, and average villa prices stood at AED 1,649 per square foot. Although the average apartment sales rates per square foot still sit at 8.3% below the 2014 high, a number of communities have already topped their 2014 levels. On the other hand, the average villa sales rates have surpassed their 2014 figures by 14.1%.
In the apartment segment of the market, Downtown Dubai recorded the highest sales rate per square foot at AED 2,500, whereas, in the villa segment of the market, Palm Jumeirah recorded the highest sales rate per square foot at AED 5,125.
The rental market has continued to experience moderation in growth rates since the start of the year. In the year to October 20232, average rents in Dubai increased by 19.7%, registering a decline from the 20.6% growth recorded in September 2023. Over this period, average apartment rents rose by 19.9%, and average villa rents grew by 18.0%. As at October 2023, the average yearly apartment and villa asking rents stood at AED 110,080 and AED 322,891, respectively. The highest yearly apartment and villa rents were respectively found in Palm Jumeirah, with average rents at 256,204, and in Al Barari, where average rents reached AED 1,096,675.
For more market insights, visit our Insights & Research platform.
1 Refers to the time period between January 2023 and October 2023
2 Refers to the time period between October 2022 and October 2023
Dubai’s average residential prices increased by 19.1% in the year to October 20232, marginally down from the 19.6% rate of growth registered a month earlier. Over the same period, average apartment and villa prices rose by 18.7% and 21.4%, respectively. In October 2023, average apartment prices stood at AED 1,364 per square foot, and average villa prices stood at AED 1,649 per square foot. Although the average apartment sales rates per square foot still sit at 8.3% below the 2014 high, a number of communities have already topped their 2014 levels. On the other hand, the average villa sales rates have surpassed their 2014 figures by 14.1%.
In the apartment segment of the market, Downtown Dubai recorded the highest sales rate per square foot at AED 2,500, whereas, in the villa segment of the market, Palm Jumeirah recorded the highest sales rate per square foot at AED 5,125.
The rental market has continued to experience moderation in growth rates since the start of the year. In the year to October 20232, average rents in Dubai increased by 19.7%, registering a decline from the 20.6% growth recorded in September 2023. Over this period, average apartment rents rose by 19.9%, and average villa rents grew by 18.0%. As at October 2023, the average yearly apartment and villa asking rents stood at AED 110,080 and AED 322,891, respectively. The highest yearly apartment and villa rents were respectively found in Palm Jumeirah, with average rents at 256,204, and in Al Barari, where average rents reached AED 1,096,675.
For more market insights, visit our Insights & Research platform.
1 Refers to the time period between January 2023 and October 2023
2 Refers to the time period between October 2022 and October 2023
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The CBRE Dubai Residential Real Estate Market Snapshot provides an overview of the key trends and metrics driving Dubai’s residential market.
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