Dubai Real Estate Market Results of January 2023

| Updated on February 26, 2024

Last year, the real estate market of the brightest emirate of the UAE saw an unprecedented surge. Several factors played a role here, from geopolitical instability that made thousands of wealthy people search for a new home to investors relocating their influence, to the FIFA World Cup in Qatar which attracted additional attention to Dubai. 

If you wish to buy premium property in Dubai, it has definitely become more expensive, but the conditions still remain quite favorable. Let’s look at how the first month of 2023 went on this market. Real estate markets, like many others, have seasonality and therefore we will compare the January 2023 indicators with the January indicators of the previous year.

Number of Sold Properties

From the very first pages of the market reports in 2023, we see growth and here residential properties, namely apartments, lead. They sold almost twice as many as in January 2022 – 7401 apartments. By the value of the properties, apartments account for more than half of the total figure. As per, there are plenty of off-plan apartments offered right now.

Despite their high cost, villas are second in demand among different types of real estate. Although the number of villas bought increased only by 7.7%, it remains in the leading position, as 1782 people wanted to buy a villa in January.

According to the data, investors are interested in land plots in the emirate, which were sold 66.8% more (347 plots). Commercial properties showed a significant difference as well, they were sold 65% more than in the same period in 2022, a total of 297 in 31 days.

In total, 9827 deals were concluded last month, which is 70.3% more than the first month of 2022.

Units Price

Buyers spent a total of 28 billion dirhams on real estate in January, roughly equivalent to $1.5 billion. That’s 63 percent more than last year. Prices have risen for all types of real estate, but villas have gained the most with an average price of AED 2.6 million. Land and apartments also went up in price, by 13.2 percent and 12.5 percent respectively. The average apartment in the emirate will now cost 1.3 million dirhams.

As before, real estate valued at less than a million dirhams remains the most requested. The share of such properties accounts for 32% of the total number of units sold. Properties priced between 1 and 2 million AED are not much inferior to the cheaper units and makeup 29% of the total number. But the share of luxury housing priced above 5 million AED was a mere 5 percent.

A curious finding is that in January, the share of off-plan projects exceeded the number of deals with completed properties and accounted for 59 percent of the total market.

The list of the most sought-after areas of the city has not changed much, with the Business Bay area still in the lead. However, Mohammed Bin Rashid City dropped from the list and was replaced a year later by Dubai Creek Harbour. Let’s take a look at what these neighborhoods are notable for.

Area nameSales volume, transactionsSales value, AED
Business Bay1,0211,850M
Jumeirah Village Circle676501M
Dubai Creek Harbour5771,592M
Dubai Marina5691,812M
  • Business Bay is a vibrant mixed-use district located in the heart of the emirate. This destination is spread across 46.9 million sq. ft., with 22.1% dedicated to residential use, 18.5% to commercial operations, and 59.4% to mixed-use. The area is home to a number of leading international and local businesses, architectural wonders, prominent hospitality groups, public transport links, and top-notch amenities. Business Bay attracts a large number of young professionals with its fast-paced vibe and proximity to key locations such as Downtown Dubai, Sheikh Zayed Road, and DIFC.
  • Jumeirah Village Circle (JVC) is a perfect blend of urban amenities and peaceful living. With its modern villas and townhouses, JVC offers a healthy and fun environment for social interaction. The community is equipped with facilities like schools, sports and leisure amenities, a community center, medical facilities, and veterinary clinics. JVC is also centrally located with easy access to the emirate’s key destinations and both international airports. Residents can enjoy the best of both worlds with village life principles in an urban setting, along with green play areas, children’s game areas and cycling tracks, and jogging and cycling trails to stay active.
  • Dubai Creek Harbour, located just a stone’s throw away from the heart of the metropolis, offers a city-within-a-city experience like no other. With its lush properties, world-renowned restaurants and hotels, and towering shopping malls, it truly is a hub of activity. The iconic Dubai Creek Harbour Tower, set to surpass the height of the Burj Khalifa, is one of the location’s most prominent landmarks. The tower offers breathtaking urban views and its surroundings, with scenic restaurants and cafes and a sky garden reminiscent of the legendary Hanging Gardens of Babylon. The location is also twice the size of the city center, offering a wealth of recreational opportunities and easy access to Sheikh Zayed Road.
  • Dubai Marina is a vibrant high-rise district that has become a hub of modern living. This self-contained neighborhood boasts a mix of residential and serviced apartments, as well as hotel towers that offer a variety of entertainment and dining options. The area has transformed into a thriving waterfront lifestyle destination with its own marinas, beaches, walkway promenade, and Jumeirah Beach Residence (JBR) along the shoreline. The Marina offers a stunning view of Palm Jumeirah and is located between the metropolis’ main artery, Sheikh Zayed Road (SZR), and the Gulf.

John M. Flood

John is a crypto enthusiast, Fintech writer, and stock trader. His writings provide guides to perform your best in the crypto world and stock planet. He is a B-Tech graduate from Stanford University and also holds a certification in creative writing. John also has 5 years of experience in exploring and understanding better about the FinTech industry. Over time, he gained experience and expertise by implementing his customized strategies to play in the crypto market.

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