Weekly Report | Dubai Real Estate Market – Residential | Week 23 – June 2023

Overviews: 

Dubai’s residential market remained positive during the week, with a marginal rise of 2% in the total transaction volumes. However, the overall value registered a decline of 16% over the previous week.

With a total transaction volume of nearly 2,100 units, the residential market continues to hit the highest weekly figure since the beginning of 2023. A total of 2,053 residential transactions were recorded during the previous week. In terms of Value, overall AED 4.48 billion worth of transactions were recorded this week against AED 5.36 billion in the last week, registering a week-on-week decline of 16%.

RESIDENTIAL OFF-PLAN AND READY TRANSACTION

Although the Off-plan transactions volume reduced slightly over the previous week, the volume of ready transactions increased by 9% this week. During the week, nearly 1139 Off-plan transactions and over 950 ready sales deals were recorded. In Value terms, the aggregate value of off-plan transactions was reduced by one-fourth of the value recorded in the previous week, registering a total value of AED 2.38 billion. A total of AED 2.10 billion worth of ready sales transactions were registered in the last 7 days.

RESIDENTIAL APARTMENT & VILLA TRANSACTION

A total of 2000 apartment transactions and 90 villa sales deals were registered during the week, representing an increase of 11% and a decline of 63%, respectively, over the prior week. Overall, 2,090 transactions were reported during the previous week. The overall residential value registered a degrowth of 16% WoW. Transactions worth AED 3.76 billion were witnessed for apartment transactions, while sales of villa properties reached AED 0.72 billion, witnessing a weekly fall of 10% and 39% respectively.