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September 1st
Real estate market sales in Dubai achieved a strong jump from the beginning of the year 2023 until the end of August to 250.7 billion dirhams resulting from 84,026 deals, compared to 159.3 billion dirhams through 59,752 deals during the same period in 2022, a growth of 57% and 40.6% in terms of Value and number.
Data on the website of the Dubai Land Department showed that the total real estate transactions during 8 months amounted to 350 billion dirhams, resulting from 110,932 transactions, compared to 248.4 billion dirhams, resulting from 75,427 transactions during the same period of the year 2022, a growth of 41%. And 47% in terms of value and number.
Real estate mortgages from the beginning of 2023 until the end of August touched 80.56 billion dirhams, while donations ranged around 18.8 billion dirhams. Based on this data, the real estate market in Dubai during the eight months since the beginning of the year 2023 has recorded a record performance in terms of the value and number of sales deals, the highest in its history.
Ready and on the map
Ready real estate acquired the largest share of the sales pie from the beginning of this year until the end of August, amounting to 150.5 billion dirhams (equivalent to 62% in value) resulting from 41,227 sales, which included 27,924 residential units, 2,439 buildings, and 10,864 plots of land. As for real estate On the map, it constituted (38%) with a value of 100.1 billion dirhams, resulting from 42,799 transactions, including 37,226 housing units and 5,573 buildings.
August
Total transactions in August of this year reached 45.7 billion dirhams, resulting from 15,356 transactions, compared to 35 billion dirhams in the same month of 2022, resulting from 12,090 transactions, a growth of 30.6% and 27% in terms of value and number.
Dubai Land Department data indicated that August witnessed sales worth 33.55 billion dirhams, resulting from 11,937 transactions, which included the sale of 9,224 real estate units, 1,468 buildings, and 1,260 lands, compared to 24.2 billion dirhams, resulting from 9,704 transactions during the same month of 2022, with growth. 38.6% and 23% in terms of value and number.
In August, off-plan real estate outperformed ready-made properties, as they acquired 17.2 billion dirhams (equivalent to 70.4% in value) resulting from 7,002 sales, which included 5,922 residential units and 1,080 buildings. As for ready-made real estate, it represented (29.5%) with a value of 16.37 billion dirhams, resulting from 4,950 transactions, including 3,302 residential units, 388 buildings, and 1,260 plots of land.
Mortgages and gifts
As for mortgages, transactions amounting to 10 billion dirhams were achieved in August, resulting from 2,926 transactions, including 1,756 real estate units, 401 buildings, and 776 lands. Regarding donations, they amounted to 2.15 billion dirhams, resulting from 493 transactions, including 339 real estate units, 31 buildings, and 129 lands.
Sales distribution
Residential units (apartments and villas) accounted for the largest share of total sales, with a value exceeding 153.3 billion dirhams, equivalent to 61% out of 250.7 billion dirhams. Residential apartments constituted the largest value at 130.5 billion dirhams, then lands, which approached 97.4 billion dirhams, then villas at about 22.8 billion dirhams.
Real estate market sales in Dubai achieved a strong jump from the beginning of the year 2023 until the end of August to 250.7 billion dirhams resulting from 84,026 deals, compared to 159.3 billion dirhams through 59,752 deals during the same period in 2022, a growth of 57% and 40.6% in terms of Value and number.
Data on the website of the Dubai Land Department showed that the total real estate transactions during 8 months amounted to 350 billion dirhams, resulting from 110,932 transactions, compared to 248.4 billion dirhams, resulting from 75,427 transactions during the same period of the year 2022, a growth of 41%. And 47% in terms of value and number.
Real estate mortgages from the beginning of 2023 until the end of August touched 80.56 billion dirhams, while donations ranged around 18.8 billion dirhams. Based on this data, the real estate market in Dubai during the eight months since the beginning of the year 2023 has recorded a record performance in terms of the value and number of sales deals, the highest in its history.
Ready and on the map
Ready real estate acquired the largest share of the sales pie from the beginning of this year until the end of August, amounting to 150.5 billion dirhams (equivalent to 62% in value) resulting from 41,227 sales, which included 27,924 residential units, 2,439 buildings, and 10,864 plots of land. As for real estate On the map, it constituted (38%) with a value of 100.1 billion dirhams, resulting from 42,799 transactions, including 37,226 housing units and 5,573 buildings.
August
Total transactions in August of this year reached 45.7 billion dirhams, resulting from 15,356 transactions, compared to 35 billion dirhams in the same month of 2022, resulting from 12,090 transactions, a growth of 30.6% and 27% in terms of value and number.
Dubai Land Department data indicated that August witnessed sales worth 33.55 billion dirhams, resulting from 11,937 transactions, which included the sale of 9,224 real estate units, 1,468 buildings, and 1,260 lands, compared to 24.2 billion dirhams, resulting from 9,704 transactions during the same month of 2022, with growth. 38.6% and 23% in terms of value and number.
In August, off-plan real estate outperformed ready-made properties, as they acquired 17.2 billion dirhams (equivalent to 70.4% in value) resulting from 7,002 sales, which included 5,922 residential units and 1,080 buildings. As for ready-made real estate, it represented (29.5%) with a value of 16.37 billion dirhams, resulting from 4,950 transactions, including 3,302 residential units, 388 buildings, and 1,260 plots of land.
Mortgages and gifts
As for mortgages, transactions amounting to 10 billion dirhams were achieved in August, resulting from 2,926 transactions, including 1,756 real estate units, 401 buildings, and 776 lands. Regarding donations, they amounted to 2.15 billion dirhams, resulting from 493 transactions, including 339 real estate units, 31 buildings, and 129 lands.
Sales distribution
Residential units (apartments and villas) accounted for the largest share of total sales, with a value exceeding 153.3 billion dirhams, equivalent to 61% out of 250.7 billion dirhams. Residential apartments constituted the largest value at 130.5 billion dirhams, then lands, which approached 97.4 billion dirhams, then villas at about 22.8 billion dirhams.
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