Monthly Report | Dubai Real Estate Market – Residential | October 2023
Dubai's real estate market witnessed a significant surge in the 47th week, recording a remarkable 32% increase in residential transactions, totalling 1,571. This surge had a substantial impact on the overall transaction value, soaring by 29% to AED 3.70 billion as compared to the previous week.
During the 46th week, Dubai's real estate sector experienced a notable uprise with 1,188 residential transactions, marking a 43% rise from the previous week. This increment had a substantial impact on the overall transaction value, increasing by 75% to AED 2.87 billion.
During the 45th week, Dubai's real estate sector experienced a notable downturn with 829 residential transactions, marking a 33% decline from the previous week.
In the 43rd week, Dubai real estate market witnessed an upsurge in residential unit transactions, with a recorded total of 1,388, marking a substantial 51% increase compared to the preceding week.
In the 41st week, Dubai recorded 1,194 residential unit transactions, marking a notable 58% rise from the prior week. The total transaction value for the week reached AED 2.16 billion, representing a 19% increase compared to the preceding week.
In the 40th week, there were a total of 757 transactions in residential units in Dubai. This represents a decrease of 33% compared to the previous week. The total value of transactions for this week amounted to AED 1.81 billion, which is a decline of 20% compared to the previous week's figures.
This week in Dubai witnessed an exceptional surge in ready transactions. In contrast to the typical trend, there were notably more transactions in the category of ready sales compared to off-plan sales. Usually, off-plan transactions outnumber ready transactions, but this week was an exception.
The Central Bank revised its earlier estimate of the non-oil GDP for UAE in 2022 from 6.6% to 7.2%. The Bank now expects non-oil GDP to grow by 4.5% and 4.6% in 2023 and 2024 respectively. As per the review, the oil-GDP of UAE grew by 3.1% year-over-year conforming with the rules agreed by OPEC+. Oil-GDP is expected to grow by 3.5% in 2024 as per the Central Banks projections.
Overall, AED 3.92 billions worth of transactions were recorded this week against AED 3.98 billions in the last week. The transactional value of villa deals was the most affected in the week gone by.