Real Estate Sales in Dubai Reached AED 34.2B (USD 9.3B) in March 2023 with 12,000 Transactions

According to statistics from Property Finder, which is a leading real estate portal covering the sales and rental market, real estate sales in Dubai reached AED 34.2B (USD 9.3B) in March 2023. The value of transactions was 53% higher in comparison to the same period last year. The number of property transactions also saw a significant increase by about 45% reaching 12,000 compared to 8,344 last year.

Existing properties saw an increase of over 34% year-on-year with AED 21.6B (USD 5.88B) in comparison to AED 16.1B (USD 4.38B), making March 2023 the record-breaking month of March in a decade.

More people were interested in purchasing an apartment – 59.7% in March 2023 compared to 57.2% in the previous year, while the number of those wishing to buy a villa/townhouse decreased from 42.8% to 40.3%. As for layouts, 2-bedroom and 1-bedroom apartments were the most popular among home buyers with 34% and 32% respectively.

According to Property Finder, among the top searched locations in the emirate in terms of apartments rentals in March 2023 were Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah and Jumeirah Village Circle. As for villa/townhouse rentals, Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, DAMAC Hills and MBR City were in the top searches.

During the previous month, 79.8% of tenants searched for an apartment. Moreover, 63.8% of tenants, interested in renting an apartment, preferred furnished apartments. About 52.1% of those wishing to rent a villa/townhouse, chose unfurnished residences.

The Dubai real estate market continues to attract potential buyers and investors. Among the most recently launched projects, which have already attracted the attention of the public, are AIRE Dubai by Alta Real Estate Development, The EDGE by Select Group and Golf Grand by Emaar Properties.