Experts summed up the June results of the Dubai real estate market

Real estate market analysts from the United Arab Emirates summed up the results of June-2023 in Dubai. They collected statistics on which properties people want to buy and which to rent, and also compiled a list of the most popular areas of the emirate.

According to preliminary data, 10,419 real estate transactions were made in June 2023, which is 17% more than in June 2022. The total amount of transactions amounted to AED 30.3 billion ($8.25 billion), which is 34% more than the amount of June 2022.

What do people buy?

In many ways, June 2023 follows the trends set in the market in May. In particular, people's preferences in terms of buying and renting real estate have not changed much. For example, the majority of buyers still prefer apartments - 57.5% of the total. The remaining 42.5% choose villas or townhouses.

Most often, people want to buy a two-room apartment that is 34.1% of it. Studio apartments are in second place - 33.4% of buyers are looking for it.

What do people rent?

78.5% of tenants are looking for an apartment. Among those who were looking for apartments, 61.8% prefer furnished properties, 34.2% need unfurnished properties.

Preferences in terms of the number of rooms were distributed as follows:

35.1 % want to rent a studio apartment;
31.1 % want to rent a two-bedroom apartment;
22 % want to rent a studio

About 21.5% of all tenants want to rent a townhouse or villa. About 54.5% are looking for houses without furniture, 42.1% - with furniture. At the same time, 43.4% prefer houses with three bedrooms, and another 36% of tenants are ready to rent a large house with four or more bedrooms.

The off-plan segment is growing

In 2023, the off-plan real estate market is growing rapidly in Dubai. June only continued this trend. About 5,165 transactions were made with off-plan real estate, which is 46.6% more than in June 2022. The total amount of transactions amounted to approximately AED 12.6 billion ($3.43 billion), which is 80% more than in June 2022 with a total amount of AED 7,007 billion ($1.91 billion).

Most off-plan properties were sold in the following areas:

Dubai Marina;
Palm Jumeirah;
Dubai Harbour;
Dubai Creek Harbour;
Dubai Hills;
Burj Khalifa;
Jumeirah Lakes Towers;
Jumeirah Village Circle;
Umm Suqeim Third;
Dubai Design District.

These 10 districts accounted for 54% of all transactions. The total amount was about AED 8.6 billion ($2.34 billion) or 68%.

What about the finished real estate?

Unlike off-plan projects, the number of transactions with finished real estate is decreasing, albeit slightly. In June-2023, their number decreased by 1.3% compared to June 2022 and amounted to 5,254 transactions.

The total amount of transactions amounted to AED 17.8 billion ($4.85 billion), which is 13.4% more than in June 2022. The most popular areas for buying ready-made real estate are as follows:

Al Kheeran;
Palm Jumeirah;
Burj Khalifa;
Wadi Al Safa 3;
Dubai Marina;
Emirates Living;
Al Wasl;
Jumeirah Beach Residence;
Business Bay;
Dubai Hills;

These areas accounted for 44.5% of all transactions with finished real estate, their total amount was AED 4,806 billion ($1.31 billion).

Where is the demand higher?

Experts have also compiled final lists of areas that are most popular with buyers and investors. According to general data, people who buy an apartment most often want to settle in the following areas:

Dubai Marina;
Downtown Dubai;
Business Bay;
Jumeirah Village Circle;
Palm Jumeirah.

Those who prefer to live in villas or townhouses, most often choose the following areas:

Dubai Hills Estate;
Palm Jumeirah;
Arabian Ranches;
DAMAC Hills;
Al Furjan.

As a result, June 2023 did not bring such surprises as May. Although, it was marked by outstanding indicators. Experts believe that although the general trends have remained the same, changes are planned in the market. Buyers' requests are becoming more diverse. This applies to both finished and off-plan real estate. Now experts are watching how the market will change in the next summer months.