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The Jumeirah Village Circle, Business Bay and Dubai Marina areas remain the most popular with property buyers in Dubai. Data for Q1 2023 confirmed that the market is still growing. February was the month when the total number of concluded real estate transactions in Dubai reached a record 8,515.
A total of 17,741 real estate transactions in Dubai have been registered since the beginning of 2023 and up to and including March 23. Real estate prices in the emirate in January and February, the market increased by 10.5% and 11.5%, respectively, compared to the previous year.
The influx of new HNWI investors is a key growth factor
Experts called the growing demand from wealthy buyers the main reason for the rapid development of the Dubai real estate market in 2023. Despite the global challenges in the world, the Dubai residential, commercial, retail and hotel market continues to grow, attracting foreign investors and wealthy end users. It is expected that prices, as well as demand, will continue to grow during 2023.
The average price per 1 m2 of the area of apartments for the specified period reached 13,078 AED ($3,560), and villas — 15,465 AED ($4,210). The most active sales were registered in areas such as Damac Lagoons, Arabian Ranches 3 and Al Yelayiss 2. The communities of Nad Al Sheba First and The Valley also gained popularity among villa buyers in February 2023.
Prices per square meter of space in the apartment segment grew fastest in Jumeirah, Palm Jumeirah and Downtown Dubai. Now they are 25,790 AED ($7,022), 24,958 AED ($6,795) and 24,602 AED ($6,698). In the segment of villas in the areas of Palm Jumeirah (46,537 AED; $12,671), Emirates Hills (26,222 AED; $7,139) and Jumeirah (25,110 AED; $6,836), the sharpest price jump per square meter was recorded.