Dubai Real Estate Market Forecast 2023 - Get Complete Outlook

In Q1-2022 Dubai Real Estate Market the total market transaction was 20,521 and the total sales value was AED 55.8 billion. Also, slight property changes have been seen where the property is well sold as per the Sq.Ft

Top 5 Projects With The Most Expensive Sold Apartments

Similarly, in Q2-2022 again Dubai Real Estate market total transaction was 22,448 and the total sales value was AED 59.1 billion. The off-plan property was 52% higher than the ready property which was 48%. Here given the info about the most expensive sold apartments & villas have a look and get an idea for your next investment. 

Similarly, in Q2-2022 again Dubai Real Estate market total transaction was 22,448 and the total sales value was AED 59.1 billion. The off-plan property was 52% higher than the ready property which was 48%. Here given the info about the most expensive sold apartments & villas have a look and get an idea for your next investment.

In Dubai, the Real Estate market in Q3-2022 has jumped higher with 25,503 transactions with AED 69.5 billion highest sales value. Here take a quick look at the most expensive projects including apartments and villas.

In the table below we have shown the aggregate root of average property value for the year 2021-22 and the best region where you can buy a property in Dubai.

The property market of Dubai is in a continual surge, the non-stop demand for luxury homes are prime reasons that the market has seen in its Q3 -22. The sales reached AED 70 billion and confirmed growth of 18% and 64.5% as compared to Q3-2021. Likewise, at the beginning of 2022 Dubai property market reached AED 184 billion by dealing in 68,500 real estate deals which is a 77% increase as compared to 2021.

Further, the average rent increased by 22% according to DXBinteract.com, which told that nearly all types of property in Dubai got an increased rent except villas (ready-to-move). “ Q3-2022 has indeed shown remarkable sales growth to become the best performer in the history of Dubai’s real estate market. The completion of large projects in different regions of the country has contributed to these numbers as the value of deals worth more than AED 100 million increased by 49 per cent. It also increased by 56% for properties worth more than 20 million dirhams compared to the previous best performance in 2015 said Firas Al-Masaddi, CEO of Orate.”

Well, Q3-2022 has indeed shown a positive outcome and skyrocketing growth which Dubai Real Estate Market is witnessing.  Furthermore, the real estate firm of Dubai played here a major role in delivering a number of projects and units to the end-users as well as investors as per their demand. 

Would you believe 22 new projects consisting of more than 5380 units were in the completion phase? And from various sources, these units are coming from the reputed DAMAC Properties with 1560 units, Azizi Developments with 1192 units and Emaar Properties with 954 respectively.

Luxury home demands, search of second homes, and affordability as compared to other cities are the prime reasons that increase the property demand in Dubai. Most buyers from different nations are taking so much interest in the real estate of Dubai. Mostly, for Russians Dubai is the safe haven further, new buyers from different countries like Switzerland, Germany and France are showing their interest in this Gold City. 

According to Bloomberg Dubai’s prime real estate prices are rising up to 89 per cent. Similarly, the property value in some popular regions of Dubai like Palm Jumeirah, Jumeriah Bay and Emirates Hills increased by 100 per cent. A villa sold worth of $82 million in Palm Jumeirah back in July. 

Arabian Business said that in the month of Sept 2022 the city’s real estate receipts exceed over $325 million. In 386 sales 341 units of property including apartments and villa residences are purchased at luxe gated communities across the community.

According to CORE, in Q3-2022 Dubai recorded the highest number of sales and transactions (Above AED 100) value in the secondary market and gained lots of property buyers’ attractions. Nearly 5700 units have been successfully delivered to YTD 2022 in Q3 of 2022 and it is expected to deliver 13,500 units by Q-4 of 2022 which is moving the forecast from 38,000 to approx. 32,500 units, which is indeed a surge. 

“This year, Dubai recorded the highest number of sale transactions above AED100 million (16 transactions recorded YTD 2022 in the secondary and off-plan market compared to a total of 5 transactions in 2021)” Prathyusha Garrapu, Head of Research and Advisory, CORE

In the Secondary market, the transaction volumes surged 49 per cent in Q 3-2022 and the in the off-plan market recorded 60 per cent rise respectively. This indicates that the Real Estate market of Dubai is giving a clear indication to home buyers and investors that they can park their money and promise higher ROI. 

“The Sharp Rise in off-plan transactions creates an inherent risk, and while there are stronger regulations in place now, should demand be impacted in the coming quarters due to rising interest rates, inflation, a strong dollar to which the AED is pegged along with rising sales prices, this may become as a cause of concern,” Garrapu explains.

Further, in a recent report by Dubai Land Department (DLD) nearly 2,217 real estate transactions worth will be approx. AED 7 billion has been done in the last week of October 2022. 

Furthermore. 3 land transactions in Palm Jumeirah Sold for AED 300 million, in Island sold for 2 AED 130 Million and in World Islands a land sold worth AED 86 million. 150 sales transactions worth AED 353 million have been recorded as the highest in Jebel Ali. Mohammad bin Rashid Garden has 29 sales worth AED 634 million and Al Mamzar with 23 sales transactions worth AED 166 million respectively.

Attractive Rental Yields & Affordability

The average rental increased by 22% across the city stated in the monthly report by DXBinteract.com. Except for ready-to-move villa, all types of property has seen tremendous rental growth. The Villa rent was down by 7% compared to last year.  Similarly, although mortgage transactions decreased by - 5 to 5,650 deals still the value increased by 12.4 % and reached AED 31.5 billion as compared to Q3-2021.

Here take a look of some upcoming mega projects in Dubai

Burj Jumeirah - will be built near the Burj Al-Arab. The height of Burj Jumeirah will reach 550 meters. 

Meydan one - it’s a residential project with myriads of apartments, Meydan One shopping mall and you will be witnessed the world’s longest dancing fountain at 380 meters.

Dubai Creek Tower - located in the heart of Dubai considered the tallest tower in the world. 

The huge Expo 22 site is going to transform one of the largest green cities in Dubai- District 2020 located in South Dubai.

Damac Elegance Tower - The most desired Luxury Apartment address in Downtown, Dubai.

Damac Lagoons Marbella - Choose your own waterfront villa and townhouses in various options.

Wasl Towers - with 64 floors, 229 residential units, 258 hotel rooms, 185,345 Sq. Ft of office space and 11 levels of parking.

After getting huge success Dubai Real estate market forecast 2023, the coming year will be another booming year.

The Real Estate market performance in Q3-2022 has indeed created history and gives a clear indication that for Real Estate investment Dubai City is the most opportune place in comparison to other global cities.