Monthly Report | Dubai Real Estate Market – Residential | October 2023
SALES ANALYSIS (OFF PLAN & READY TRANSACTION )
Volume of Residential Sales
In October 2023, residential transactions totalled approximately 5,565, reflecting a 13% decrease from the previous month. This decline was particularly pronounced in off-plan transactions, witnessing a notable 40% month-on-month decrease. Conversely, ready transactions experienced a 3% increase. Ready-sale properties constituted about 76% of the total transactions for the month, with the remaining 24% involving off-plan properties. To provide context, these October transactions comprised 5% of the total transactions in 2023.
Value of Residential Sales
In October 2023, the cumulative worth of residential property transactions amounted to AED 13.48 billion, reflecting a 13% decrease compared to the previous month. Among these transactions, 75% emanated from ready sales, with the remaining 25% attributed to off-plan properties. Analyzing the changes from the preceding month, the value of off-plan property sales experienced a notable 37% decline. In contrast, the value of ready sales exhibited stability, showing no significant fluctuation. This indicates that, during October 2023, the market for ready sales sustained its demand, while the off-plan property market witnessed a decline in activity. The data underscores a divergence in the performance of these two segments, highlighting a resilient demand for ready sales amidst a decrease in the off-plan property market.
SALES ANALYSIS (APARTMENT & VILLA TRANSACTION )
Volume of Residential Sales
In the residential real estate landscape, the apartment market remains the predominant force, constituting around 60% of total transactions, while villas make up the remaining 30%. When comparing these figures with the previous month, there is a slight 2% decrease in apartment transactions, indicating a modest shift. However, villa transactions experienced a more pronounced decline, dropping by 26%. This data underscores the significance of apartments in driving residential transactions, even though both apartments and villas have seen some fluctuations. The market dynamics suggest a relatively stable performance for apartments, while villas have encountered a more substantial reduction in activity during the specified period.
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