Executive Newsletter – July 2023
In July 2023, the Dubai Land Department has recorded a total of 11,129 property transactions, a significant increase of more than 56% compared to July 2022. Meanwhile, the total sales transactions value reached over AED 37.7 billion, an increase of 80% compared to July 2022..
Dubai’s residential property average price in July 2023 has remained the same as compared to June 2023. Dubai property average price per sq.ft. in July 2023 has increased by 16% compared to July last year.
On the mortgage side, we have witnessed an 40% increase in the number of transactions compared to July 2022.
Mohamed Bin Rashid City was the top-performing area for both off-plan and ready sales, with over 900 transactions. This is followed by Jumeirah Village Circle, Business Bay, Dubai Marina and Jumeirah Lake Towers.
In Abu Dhabi, the sales volume in Q2 of 2023 has decreased by 2% compared to Q1 of 2022 and increased by 66% compared to Q2 of 2022. The sales value has decreased by 45% compared to Q1 of 2022 and increased by 69% compared to Q2 2022.
Sharjah Real Estate Registration Department recorded 2,783 real estate transactions amounting to a total of Dhs1.9 billion during July 2023.
The Department of Land and Real Estate Regulation in Ajman witnessed a growth of 52% compared to July 2022, recording 948 real estate transactions with a total value of AED 1.4 billion.
With overall resilience and adaptability of UAE’s real estate market, we envision that its record breaking performance will continue throughout the year providing emerging opportunities to stakeholders and investors.
