Monthly Report | Dubai Real Estate Market – Residential | December 2023
SALES ANALYSIS (OFF PLAN & READY TRANSACTION )
Value of Residential Sales
In the month of December 2023, the total number of residential transactions amounted to 4,997, marking a notable 37% decrease when compared to the previous month’s figures. This decline was particularly pronounced in the off-plan transactions segment, showcasing a significant and noteworthy 65% month-on-month decrease. On the other hand, transactions involving ready properties experienced a 14% decrease during this period. It’s worth highlighting that ready-sale properties constituted the majority share, accounting for a significant 74% of the total transactions for the month, with the remaining 26% involving off-plan properties. This distribution of transactions in December is quite impactful, especially when considering that these transactions make up 4% of the total transactions in the entire year of 2023.
Volume of Residential Sales
The comprehensive value of residential property transactions for the month tallied up to AED 12.03 billion, marking a substantial 37% decline when compared to the figures from the prior month. This intricate scenario reveals a nuanced distribution, with 57% of transactions attributed to ready sales and the remaining 43% intricately linked to off-plan properties. Delving deeper into the comparative analysis with the preceding month, it becomes evident that the value of off-plan property sales witnessed a significant and noteworthy 49% decrease, while the value of ready sales experienced a relatively lesser yet notable 24% decline.
SALES ANALYSIS (APARTMENT & VILLA TRANSACTION )
Volume of Residential Sales
In the month of December, the combined value of apartment transactions surged to AED 7.98 billion, revealing a notable 31% decrease when compared to the figures from the previous month. Significantly, apartments asserted their dominance in the real estate landscape, comprising a substantial 66% of the overall transaction value, while villas contributed the remaining 34% to the total transaction value. A noteworthy trend also emerged, with the value of villa transactions experiencing a significant 46% decrease compared to the preceding month.
Value of Residential Sales
Within the domain of residential real estate, apartments firmly establish their dominance, constituting approximately 80% of the total transactions, while villas make up the remaining 20%. Notably, there is a discernible 37% decline in apartment transactions compared to the preceding month, coupled with a concurrent 38% decrease in villa transactions. This data underscores the pivotal role played by apartments in driving overall residential transactions. The observed market dynamics suggest a significant downtrend in activity for both apartments and villas in the concluding month of 2023.
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