Monthly Report | Dubai Real Estate Market – Residential | September 2023
SALES ANALYSIS (OFF PLAN & READY TRANSACTION
In September 2023, there were a total of approximately 6,368 residential transactions. This represented a 23% decrease compared to the previous month. The significant portion of this decline was observed in off-plan transactions, which experienced a notable 57% month-on-month decrease. Conversely, ready transactions saw a substantial 34% increase. To put this into perspective, the transactions that occurred in September accounted for 10% of the total transactions in 2023 thus far, which amounted to 62,590.
VOLUME RESIDENTIAL SALES
In September 2023, all residential property transactions were worth AED 15.56 billion, which is 16% less than the previous month. Out of this, 65% came from ready sales, while the rest were for ready properties.
Looking at the changes from the previous month, the value of Off plan property sales went down by 57%. On the other hand, the value of ready sales shot up by 65%, making it the main driver of transactions for that month. This means that in September 2023, the ready sales market was very active and grew significantly, while the off plan property market had a decrease in activity.