Dubai's Property Landscape: Q3 2023 Portrays Transactions Worth AED 92.5 Billion!
Hamptons International Dubai
Hamptons International is a prestigious global real estate brokerage with extensive portfolio of properties in the UAE.
The Dubai real estate market portrayed its strongest performance for Q3—according to Dubai Land Department's data, there were a total of 29,341 real estate transactions in the 3rd quarter of 2023, amounting to AED 92.50bn. This represents an increase of 38% as compared to Q3 2022.
Presenting the first edition of Hamptons Insights, crafted by our in-house Valuations & Research Team.
A Brief Overview
·?????? 38% increase in total value: AED 92.50 Billion in Q3 2023 compared to AED 67.03 Billion in Q3 2022.
·?????? 21% increase in transactions: 29,341 transactions in Q3 2023 compared to 23,854 Transactions in Q3 2022.
·?????? In Q3 2023: 23,042 units, 3,158 buildings, and 5,016 plots sold.
Top Communities by Transaction Value
The waterfront wonder has emerged as the leader in transaction value for first sales in Q3 2023, recording an impressive AED 3.04 billion. With its luxurious residences, stunning views, and proximity to key attractions, Dubai Harbour continues to allure investors seeking exclusivity and marine-centric living experiences.
This luxury neighborhood retains its status as a real estate gem, securing the second spot in transaction value for first sales with AED 2.66 billion. This man-made archipelago remains a symbol of Dubai's opulence, offering a lifestyle synonymous with luxury, leisure, and panoramic ocean vistas.
Renowned for its masterfully crafted residences and lush landscapes, this neighborhood takes the third spot with a transaction value of AED 2.52 billion. The community's fusion of modern living and natural surroundings appeals to those seeking a harmonious balance between sophistication and serenity.
A vibrant business and residential hub, Business Bay secured the fourth position with a transaction value of AED 2.43 billion. Its strategic location, coupled with a mix of commercial and residential spaces, makes Business Bay a dynamic choice for investors and end-users alike.
The Dubai Creek Harbour claims the fifth spot with a transaction value of AED 1.62 billion. As a waterfront destination, it encapsulates the vision of a harmonious urban lifestyle, offering a perfect blend of modernity and natural beauty.
Top Communities by Number of Transactions
Residential Leasing
A look at the Dubai rental property prices for Q3 2023 shows a general uptrend in both the affordable and luxury segments of the market:
领英推荐
Top Neighbourhoods for Villas and Apartments
Given Dubai’s ever-increasing popularity, this in turn has led Dubai’s rental market into a constant state of under-supply, primarily driven by a steady influx of new residents. However, recent handovers in popular areas like Downtown Dubai, Dubai Hills Estate, and DAMAC Hills have slowed down this momentum.
The market dynamics have also altered with tenants opting for hotel apartments and co-living spaces to tackle increasing rents in the emirate. While landlords are still capitalizing on the opportunity to set higher rental prices based on active demand – keeping rents on the lofty side, one can see some early signs of the Dubai rental market settling down.
Tenants looking for budget-friendly accommodation were mostly keen on neighbourhoods, such as:
Prospective tenants in search of high-end property for rent in Dubai gravitated towards well-established neighborhoods, such as:
Luxury Property Market
The luxury market continued its upward trajectory with transactions over AED 15 million breaking previous levels and up 44% compared to Q2. This was mostly due to a 66% growth in the secondary market. The continued launch of high-end off-plan projects, including Palm Jebel Ali, Dubai should expect further growth in the luxury market in the near future.?
A Market Surpassing All Records
Dubai's real estate sector, as presented in this Q3 2023 market summary continues to be thriving. The variation in property types, the surge in transactions, and the remarkable growth in total worth reflect a market that continuously adapts to meet the evolving needs and aspirations of its investors and occupiers.
As the city looks towards the final quarter of 2023 and beyond, the Q3 2023 results affirm that Dubai's real estate remains an unwavering symbol of innovation, resilience, and unparalleled growth.
Would you like to Know More?
Hamptons International?is an award-winning firm functioning in all major freehold communities in Dubai, offering a wide property portfolio to choose your dream home from. From the best vicinity for your children to a corporate office that’s strategically located to offer the utmost convenience, we boast a huge selection.
To know more, dial?800 HAMPTONS (42678667)
Follow us on
Duty Manager @ Accor | Global Sports Event FIFA 2022
8 个月Woww