Property sales transactions value hit an all-time quarterly high in Q3 2023

Property sales transactions value in Dubai hit an all-time quarterly high in Q3 2023

– According to the digital portal, Property Finder.

Compared to Q3 2022:

The value of the sales transactions increased by 40.06%, reaching $26.56 billion.

Off-plan rose by 46.72%

Existing rose by 37.3%

The number of rental contracts increased by 11.2%

New rose by 2.63%

Renewals rose by 23.36%

Tenants preferred to buy a home instead of renting, which owes to the increase in the average value for renting.

From the total number of contracts:

New – 54.2%

Renewals – 45.8%

Sales prices in the most high-in-demand areas for Q3 in Dubai

1-bedroom Apartment:

1. Dubai Marina – $421,000

2. Downtown Dubai – $531,000

3. JVC – $231,000

3-bedroom Villa:

1. Dubai Hills Estate – $1,592,000

2. Palm Jumeirah – $3,063,000

3. Arabian Ranches – $1,061,000

Rental prices in the most sought-after areas for Q3 in Dubai

1-bedroom Apartment:

1. Dubai Marina – $29,000

2. JVC – $18,000

3. Business Bay – $35,000

3-bedroom Villa:

1. Dubai Hills Estate – $90,000

2. Damac Hills 2 – $25,000

3. Al Barsha – $102,000