Welcome to the comprehensive analysis of the Dubai real estate market report in issue 2/2023. In this report, we take an in-depth look at the current market situation, especially after an extremely active year for the Dubai real estate market, which ended with a significant milestone in November 2023.
A notable highlight of this year was breaking the 9-year record for the average sales price per square foot in Dubai. This has now reached an impressive AED 1,257 per square foot, up 2% from the previous high in 2014. This development underlines the impressive strength of the current 36-month market growth cycle.
In November, we recorded a significant increase of 2.3% in total sales transactions in Dubai compared to the previous month. Interestingly, off-plan sales accounted for 48% of total sales, while secondary sales accounted for 52% of the total market.
A detailed analysis of the November figures from the Real Estate Dubai Report 2023 shows that the Dubai real estate market is set to maintain its characteristic lack of supply in 2024, despite continued demand from buyers and investors. Forecasts indicate that fewer than 50,000 new properties will be completed in 2023, while 50,000 to 70,000 units are expected to be handed over in 2024. Demand for luxury, prime, waterfront and established residential areas is expected to remain at a high level.
Overall, current developments and forecasts reflect a continued robust and dynamic phase in the Dubai real estate market, and we can look forward to seeing how this trend will unfold in the coming year.
