Weekly Reports 51 – Dubai Real Estate Marke – Residential | December 2023
SALES ANALYSIS (OFF PLAN & READY TRANSACTION )
Volume of Residential Sales
During November 2023, the total number of residential transactions saw a remarkable upswing, reaching a substantial 7,972, which reflected a significant and noteworthy 43% increase when compared to the previous month. This surge was particularly prominent in off-plan transactions, showcasing an impressive 170% month-on-month escalation. In contrast, transactions involving ready properties experienced only a marginal 1% increase. Notably, ready-sale properties constituted a majority share, comprising 53% of the total transactions for the month, with the remaining 47% involving off-plan properties. Notably, these November transactions, constituting 6% of the total transactions in 2023, provide valuable contextual insight into the market dynamics.
SALES ANALYSIS (OFF PLAN & READY TRANSACTION )
Value of Residential Sales
In November 2023, the overall value of residential property transactions reached AED 19.09 billion, marking a substantial 42% surge from the previous month. Within this, 47% of transactions were attributed to ready sales, while the remaining 53% were linked to off-plan properties. Examining changes from the prior month, the value of off-plan property sales notably surged by 195%, whereas the value of ready sales witnessed a 10% decline. This suggests that, in November 2023, the market for ready sales sustained its demand, while the off-plan property market experienced a downturn. The data underscores a divergence in the performance of these segments, emphasizing a resilient demand for ready sales amid a decline in the off-plan property market.
VALUE AND VOLUME OFDUBAI RESIDENTIAL TRANSACTION – NOVEMBER 2023
SALES ANALYSIS (APARTMENT & VILLA TRANSACTION )
Volume of Residential Sales
Within the realm of residential real estate, apartments assert their dominance, comprising approximately 60% of total transactions, with villas constituting the remaining 40%. A notable 44% surge in apartment transactions is evident when compared to the previous month, alongside a 38% increase in villa transactions. This data accentuates the pivotal role of apartments in propelling residential transactions. The market dynamics indicate a noteworthy uptick in activity for both apartments and villas, highlighting the continued significance of these property types in the real estate landscape.
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