Real Estate Prices in Dubai: July 2023 Review
Recently, Dubai has become one of the most attractive destinations for real estate investment. The city appeals to both investors and those looking to purchase property for themselves. It is no wonder that in 2023, Dubai took first place in terms of premium real estate price growth.
According to a report published by CBRE, property prices in Dubai continued to rise in July 2023. The total number of transactions in the Dubai housing market reached 10,080, which is 53.4% higher than in July 2022. This growth was driven by an increase in transactions in the off-plan housing segment by 78.4%, as well as a 33.8% increase in sales on the secondary market. The total number of transactions for the period January to July reached 67,818, which is the highest recorded during the entire observation period.
Table with key data from the Dubai real estate market report: results of July 2023
|Transaction volume||Growth in transactions % on an annual basis||Growth in secondary market sales % on an annual basis||Transaction volume for the period from January to July 2023||Growth in housing prices % on an annual basis||Growth in apartment prices % on an annual basis||Growth in villa prices % on an annual basis|
|Results of July 2023||10,080||+53.4||+33.8||67,818||+18.1||+18.5||+16.2|
Over the past 12 months, from August 2022, average housing prices in Dubai have increased by 18.1%. When considering prices by segments, the average increase in apartment prices was 18.5% and for villas it was 16.2%.
The graph shows average prices for apartments and villas by districts in Dubai. Here, prices are indicated in square feet. The average price per square meter for apartments is 13,200 AED (3,310 euros), and for villas, it is 15,520 AED (3,893 euros).
Average prices for villas and apartments in Dubai in July 2023
|Property Type||Average price per sqm (AED)||Average price per sqm (euro)|
Dubai, one of the fastest-growing cities in the world, offers plenty of opportunities for real estate investment.
Here are five reasons why you should consider investing in real estate in Dubai.
- Rapid market growth: In July 2023, the volume of real estate transactions in Dubai reached a record high of 10,080 deals, which is 53.4% higher than in July 2022. This indicates the booming real estate market and the potential for good returns.
- Increase in off-plan property transactions: Off-plan property transactions grew by 78.4%. This indicates high demand for new properties and the opportunity to invest in projects under construction and expect their value to increase.
- Rise in secondary market sales: Secondary market property sales in Dubai increased by 33.8%. This means there is a significant demand for already built properties, which can provide you with an opportunity to purchase property at a lower price and sell it for a profit in the future.
- Growing overall transaction volume: The overall transaction volume for real estate in Dubai from January to July reached a record high of 67,818. This is the highest recorded figure in the entire observation period and signifies an increasing interest in real estate investments in this region.
- Consistent property price growth: Over the course of 12 months (from August 2022), average property prices in Dubai increased by 18.1%. This means your investment can yield significant profits in the future. Specifically, the average price growth for apartments was 18.5% and for villas was 16.2%.
- Investing in real estate in Dubai offers numerous opportunities and prospects for profit. The rapid market growth, high demand for properties, and consistent price increases make this region attractive for investors. If you are looking for stable and profitable investment options, real estate in Dubai can be an ideal choice for you.
Therefore, it can be concluded that Dubai real estate continues to appreciate, and investing in property in this region can be a lucrative decision.