Executive Newsletter – August 2023

Dubai real estate market continued its record breaking performance during the month of August 2023. The Dubai Land Department has recorded more than 12,000 property transactions with a total sales transactions value of over AED 34  billion, an increase of 39% compared to August 2022. Dubai Sales Transactions Volume in August 2023 went up by 8% compared to July 2023 and increased by 24% vs August 2022.

Residential property average price in August 2023 has increased by 14% compared to July 2023. Dubai property average price per sq.ft. in August 2023 has increased by 22% compared to August last year.

On the mortgage side, we have witnessed an 58.8% increase in the number of transactions compared to August 2022. The total transactions value reached over AED 10.5  billion, an increased of 10% compared to August last year.

Business Bay topped the performing areas with over 1,200 transactions. This is followed by MBR City, Jumeirah Village Circle, Dubai Marina and Al Barsha South Third.

In Abu Dhabi, the total sales transactions volume in Q2 of 2023 has decreased by 2% compared to Q1 of 2022 and increased by 66% compared to Q2 2022. The total sales transactions value has decreased by 45% compared to Q1 of 2022 and increased by 69% compared to Q2 of 2022.

The Department of Land and Real Estate Regulation in Ajman witnessed a significant growth of 61.5% of real estate transactions compared to the same period in 2022 achieving AED 1.5 billion sales transactions value.

Sharjah Real Estate Registration Department recorded 2,783 real estate transactions amounting to a total of Dhs1.9 billion during July 2023.

In Ras Al Khaimah, the Sales Price Index for residential apartments increased by 25.47% y-o-y, and Rental Price Index increased by 6.01% y-o-y.

We continue to envision the UAE real estate market prospering over the years, given the increased transparency of the property market.