Dubai's property market is breaking records yet again, with the highest sales value and number of transactions ever recorded in February 2023. The total number of transactions reached almost 9,000, up by 42% compared to February 2022, while the total sales value reached almost AED 27 billion, an increase of 64% compared to the same month last year.

Apartments remained the primary focus of investors, with the number of apartment sales nearly doubling compared to February 2022, with nearly 6,000 transactions recorded. Investors spent AED 12.4 billion on Dubai apartments during February, including both off-plan and ready units.

Number of Mortgage Transactions

The number of mortgage transactions also surged, indicating a growing number of live-in buyers, with a more than 40% increase compared to February 2022. The value of mortgage transactions increased by over 70% compared to the same period last year, reaching AED 11.6 billion.

The average price per square foot was at an all-time high of AED 1,313, with off-plan apartment prices per square foot reaching AED 1.7K, also at an all-time high.

The breakdown of transactions showed that nearly 60% of overall transactions were off-plan, with nearly 6,000 apartment sales and over 2,000 villa transactions recorded. In terms of plots, there were 336 sales, up by over 46% compared to February 2022, amounting to nearly AED 5 billion in sales value.

Top-Performing Areas - Dubai 

The top-performing areas for property sales were Jumeirah Village Circle, with almost 700 off-plan transactions, while Dubai Marina had the highest sales volume for ready properties. The luxury market also continued to grow, with Bulgari Lighthouse recording the highest transaction value at AED 410 million.

Rent prices across Dubai continued to rise, with Downtown experiencing a 14% increase since February 2022. The average rental price in Downtown was AED 25K higher for new contracts compared to renewed ones.

Properties priced up to AED 3 million made up over 60% of the total sales volume, with more than 6,000 transactions taking place in February. Over 900 transactions also took place for properties priced at AED 5 million and above, indicating continued growth in Dubai's luxury property market.

Overall, the Dubai property market continues to show strong growth, with investors showing confidence in the market and off-plan transactions continuing to rise.

Certainly! In addition to the impressive growth in property transactions and sales value in Dubai during February 2023, there are several other noteworthy trends that are worth exploring.

Firstly, it is worth noting that the surge in transactions and sales value is not limited to any particular segment of the market. All types of properties, from apartments to villas to commercial properties, experienced a significant increase in activity. This suggests that investors and buyers are confident in the overall health of the Dubai property market and are willing to make significant investments across a range of asset classes.

Off-Plan Properties Growth

Another trend that is worth exploring is the increasing dominance of off-plan transactions. As the data indicates, nearly 60% of all transactions in February 2023 were for off-plan properties, suggesting that buyers are keen to take advantage of the lower prices and longer payment plans that are often available for these types of properties. This trend is likely to continue as developers continue to launch new projects and offer attractive incentives to buyers.

It is also worth noting the continued growth of Dubai's luxury property market. The fact that over 900 transactions occurred for properties worth AED 5 million or more is a testament to the ongoing demand for high-end properties in the city. It will be interesting to see how this trend develops in the coming months and years, and whether Dubai continues to establish itself as a leading destination for luxury property buyers.

Rental Prices in Dubai 

Finally, it is worth exploring the implications of rising rental prices in Dubai. While this trend is good news for landlords and property investors, it could make life more difficult for renters who are struggling to keep up with the rising costs. It will be important for policymakers to monitor this trend and take steps to ensure that Dubai remains an affordable and accessible city for all.