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.
In the 38th week, there were a total of 1,056 transactions in residential units in Dubai. This represents a decrease of 25% compared to the previous week. In terms of the total value of transactions for this week, it amounted to AED 2.37 billion, which is a decline of 16% when 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.
In the 36th week, Dubai's residential market saw 1,183 transactions, down 23% from the previous week. The total transaction value was AED 2.15 billion, a 31% decline.
During the 34th week, the cumulative count of transactions reached 1,574, signifying a notable 29% contraction when juxtaposed with the previous week's figures. Notably, the week's monetary value stood at AED 3.39 Billion, marking a substantial 31% decline relative to the preceding week.
During the current week, transactions of residential units in Dubai witnessed a notable decline of 25% compared to the preceding week. Last week, a total of 2002 transactions took place, whereas this week saw 1510 transactions.
Residential volume across Dubai increased significantly by 40% during this week as compared to last week, which recorded a total of 2,003 transactions over 1,425 transactions in the previous week.
Amrita-chandhok, AssocRICS, MCMI is a partner and Director of Valuation at Reliant Surveyors. Mrs. Chandhok is an IIT Delhi Certified Strategic & Marketing Management Professional. The Khaleej Times covered articles about her successful streaking career. From the textile business to becoming a well-known face in the real estate evaluation sector in Dubai and India
Total residential property transactions during this week (17th – 23rd July) stood at 1,552 units, witnessing a fall of nearly 8% from the previous week. The total transaction volume recorded in the last week was 1,682. In terms of value, the overall residential value was reduced by 5% over the previous week.
Residential supply in Dubai continued to grow month on month. Most developers continue to concentrate on the mainstream apartment market due to its lower ticket sizes and higher development returns. Despite the demand for villas continuing to rise, we do not see developers particularly responding to this demand.
