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The Dubai real estate market continued to make headlines in August 2023, demonstrating remarkable growth and resilience. Last month’s report brings us an in-depth look at the key trends, transactions, and statistics that define the current state of Dubai’s real estate landscape.

1. Property Transaction Breakdown

Dubai saw a total of 12,035 property sale transactions in August 2023, marking a significant 23.7% increase compared to the same period in 2022.

The breakdown of property types reveals some interesting insights:

– Apartments dominated the market with 8,983 transactions, representing a substantial 33.2% increase compared to August 2022, with a total value of AED 18.1 billion.

– Villas, while showing a slight decline of 11.7% compared to the previous year, still managed 2,142 transactions with a total value of AED 8.6 billion.

– Commercial properties, numbering 309 transactions, experienced a 15.7% growth, totaling AED 487.2 million in value.

– Plot sales witnessed a staggering 105.1% increase, with 601 transactions amounting to a total value of AED 6.5 billion.

2. Property Prices Surge

The Dubai real estate market also saw a surge in property prices in August 2023, with the total sales value reaching an impressive AED 33.7 billion, reflecting a substantial 38.8% increase compared to August 2022.

Here’s a breakdown of the prices across property types:

– Apartments were priced at an average of AED 1.3 million, marking a noteworthy 16.7% increase compared to the same period from previous year.

– Villas, on the other hand, had an average price of AED 3 million, indicating a substantial 46.3% increase compared to August 2022.

– Commercial property prices averaged AED 1 million, showing a strong 23.6% increase.

– Plot prices averaged AED 3.5 million, despite a 17.2% decrease compared to the previous year.

3. Rental Market on the Rise

The rental market in Dubai exhibited robust growth in August 2023.

Rental prices saw significant increases across property types:

– Apartments had an average rental price of AED 57,000, reflecting a 16.3% increase compared to August 2022.

– Villas commanded an average rent of AED 170,000, marking a substantial 25.9% increase year-on-year.

– Commercial properties averaged AED 105,000 in rent, representing a strong 23.5% increase compared to the previous year

4. Most In-Demand Areas for Real Estate Investors

Investors looking to capitalize on the Dubai real estate market in August 2023 should keep an eye on the following areas:

1. Business Bay

2. Jumeirah Village Circle

3. MBR City (Mohammed Bin Rashid City)

4. Dubai Marina

5. Al Barshaa South Third

The off-plan properties continue to be favored by investors, comprising 64% of the sales volume and 69% of the sales value compared to ready properties at 36% and 31%, respectively.

5. Mortgage Activity Surges

Mortgage activity witnessed a significant surge in August 2023, with 3,229 transactions, marking a remarkable 58.8% increase compared to the same month in 2022.

The total value of these transactions reached AED 10.5 billion, reflecting a 10% increase compared to the previous year

6. Top 5 Projects with the Most Expensive Sold Apartments

For those interested in luxury living, here are the top 5 projects with the most expensive sold apartments in August 2023:

1. Como Residences, Palm Jumeirah, with an astounding sale of AED 112 million.

2. Jumeirah Living Marsa Al Arab, Marsa Al Arab, reaching a sale price of AED 65 million.

3. One Za’Abeel Tower, Zaabeel First, achieving a sale price of AED 60 million.

4. The Address Residences Dubai Opera T2, Downtown Dubai, securing a sale price of AED 57 million.

5. Seapoint Tower 1, Dubai Marina, with apartments selling at AED 55 million.

7. Top 5 Areas with the Most Expensive Sold Villas

For those seeking luxury villa living, here are the top 5 areas with the most expensive sold villas in August 2023:

1. Emirate Living, boasting a villa sale at AED 209 million.

2. Lanai Island, Tilal Al Ghaf, with a villa selling for AED 91 million.

3. Zaya Zuha Island, The World, showcasing a villa sale at AED 79 million.

4. Palm Jumeirah, with a villa selling for AED 76 million.

5. Mohammed Bin Rashid Al Maktoum City District One West – Phase 1, MBR District 1, with a villa sale at AED 67 million.

The Dubai real estate market in August 2023 shown impressive growth across various sectors. Property transactions, prices, and rental rates have all seen substantial increases, making Dubai an attractive destination for both investors and residents looking for luxury living options.

With a strong mortgage market and numerous investment opportunities, Dubai continues to shine in the global real estate arena.