By Dubai Bureau
Highlights:
● June 2023 recorded transactions worth AED 30.41 billion, representing a 34.1% surge in
value over the same month last year
● The month witnessed 10,419 transactions, marking a 17.78% increase in volume
compared to 8,846 transactions in June 2022
● Existing properties sales saw a 1.3% YoY decline in volume at 5,254
● The number of off-plan property transactions increased by 46.6% YoY to 5,165,
compared to 3,523 in June 2022
DUBAI, UNITED ARAB EMIRATES, 4th July 2023: Property Finder, the leading property
portal in the MENA region, has revealed key trends dominating Dubai’s consistently flourishing
property market in June 2023. According to the latest data, the month saw 10,419 real estate
transactions, recording a 17.78% increase in volume compared to 8,846 in June 2022.
The value of the transactions witnessed a surge of 34.1% compared to the same month last
year, reaching AED 30.41 billion. This marks the highest transaction volume and value for the
month of June in a decade.
The market broadly followed the previous month’s trends in property preferences for owners
and tenants alike. According to Property Finder’s data for June 2023, 57.5% of property buyers
were looking for an apartment, while 42.5% were interested in villas/townhouses. The most
commonly searched apartment size for purchase was two-bedroom, accounting for 34.1%,
closely followed by one-bedroom apartments at 33.4%.
Meanwhile, in the rental market, 78.5% of tenants were searching for apartments, and 21.5%
were looking for villas or townhouses. Around 61.8% of those seeking apartments favored
furnished properties, while 34.2% were searching for unfurnished options. Among the tenants
who can afford to rent a villa or townhouse, 54.5% preferred unfurnished units, while 42.1%
favored furnished options.
Around 35.1% of tenants were looking for one-bedroom units last month, while 31.1%
expressed a preference for two-bedroom apartments, and 22% were searching for studios.
Among villas/townhouses, three-bedroom units enjoyed the highest popularity at 43.4%, while
36.1% of tenants were searching for four-bedroom or larger options.
The off-plan segment played a significant role in driving the uptick in Dubai’s real estate market
last month, accounting for 49.6% of the total number of sales transactions and 41.5% of total
transaction value. The volume of off-plan property sales rose by 46.6% YoY, with more than
5,165 transactions recorded, compared to 3,523 in June 2022. This increase was reflected in
the value of off-plan properties, which surged by almost 80.26% to more than AED 12.6 billion,
surpassing the AED 7.007 billion recorded in June 2022.
Ten areas contributed to almost 68% of the total sales value and 54% of the total number of
transactions in the off-plan market. These included perennial favorites Dubai Marina, Palm
Jumeirah, Dubai Harbour, Dubai Creek Harbour, Dubai Hills, Burj Khalifa, Jumeirah Lakes
Towers, and Jumeirah Village Circle, as well as newcomers Umm Suqeim Third and Dubai
Design District.
In contrast to the previous month, existing property transactions experienced a minor YoY drop
in volume at approximately 1.3%, with around 5,254 transactions recorded. Meanwhile, their
value continued to grow at around 13.4% YoY, reaching AED 17.8 billion, compared to AED
15.7 billion in June 2022. Al Kheeran, Palm Jumeirah, Burj Khalifa, Wadi Al Safa 3, Dubai
Marina, Emirates Living, Al Wasl, Jumeirah Beach Residence, Business Bay, and Dubai Hills
contributed to more than 44.5% of the sales value and 27% of the volume.
According to Property Finder’s proprietary data, the top areas searched to own apartments in
June 2023 were Dubai Marina, Downtown Dubai, Business Bay, Jumeirah Village Circle, and
Palm Jumeirah. Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, DAMAC Hills (Akoya by
DAMAC), and Al Furjan were the most desired areas for those looking to own
villas/townhouses.
Scott Bond, UAE Country Manager at Property Finder, said: “In June 2023, Dubai’s
booming property sector once again marked a record YOY rise in both volume and value. With
off-plan transactions continuing to surge, the existing properties market reported a slight dip in
volume, offset by an increase in value. While overall trends mostly remained the same, we have
witnessed variations in home seeker preferences in the off-plan as well as the existing
properties segment. It will be interesting to see how the dynamic evolves during the upcoming
summer months.”
