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In Dubai, average prices for some types of real estate have overtaken the record figures of 2014. First of all, this applies to villas and apartments in expensive areas.
According to the Dubai Land Department, the average price of villas in May 2023 was set at around AED 2.5 million ($680,000). Experts note that this is 5% higher than the achievement of 2014.
The average price for apartments is AED 1.2 million ($330,000), which is 14% lower than the record in 2014. However, analysts note that in some areas of Dubai, apartment prices have long exceeded similar figures in 2014. This applies, for example, to the coastal area of Jumeirah.
In total, 11,757 real estate transactions were made in May 2023, which is 76% more than in May 2022. Sales of off-plan real estate increased by 84% (6,011 transactions), finished - by 69% (5,746 transactions).
