Dubai’s residential property market experienced a remarkable growth spurt in June 2023, surpassing last year’s figures by 18.8 percent. Deals volume soared to 9,876 during this period. The off-plan deals showed extraordinary growth, skyrocketing by 44.9 percent, while the secondary market experienced a minor decline of 0.5 percent.
Record-Breaking Residential Transactions
The first two quarters of the year witnessed a total of 57,737 residential transactions in Dubai, marking the highest recorded number thus far. Taimur Khan, CBRE’s Head of Research – MENA, highlighted the strengthening price growth in Dubai’s residential market over the past few months.
Elevated Price Growth and Demand in Prime Residential Areas
Average prices across the city increased by 16.9 percent from January to June 2023, with apartments and villas witnessing rises of 17.2 percent and 15.1 percent, respectively. Nearly all of the communities monitored by CBRE have experienced significant price growth in apartments (97.1 percent) and villas (96.8 percent) compared to a year ago. Prime and key residential areas are enjoying elevated demand and significant price appreciation.
