With remarkable growth across both the Emirates, real estate demonstrated substantial growth and impressive spikes in demand for both off-plan and existing properties
Revealing a sustained interest from property seekers and record transaction values for the third quarter across Dubai and Abu Dhabi, MENA’s leading property portal, Property Finder announced results from its latest Market Watch report for Q3 2023. The demand for property was found to be a preferred investment with great potential for long term value as a result of emerging trends that are reshaping the narrative for real estate in the UAE.
Record highs mark a successful quarter
According to Mo-asher Dubai’s official Sales Price and Rental Performance index launched by Dubai Land Department (DLD) in cooperation with Property Finder for Dubai, the overall quarterly Index for sales in Q3 2023 recorded 1.554 and an Index price of AED 1,429,187. The apartments quarterly sales Index recorded 1.676 and an Index price of AED 1,390,272, and the villas/townhouses quarterly sales Index recorded 1.443 and an Index price of AED 2,473,730. The Index showed growth in all categories. Year on Year (YoY), from Q3 2022 to Q3 2023, the overall Index surged from 1.383 to 1.554, indicating a 12.4% increase.
For rentals, Q3 2023 recorded 1.08 and an Index price of AED 58,036, the apartments quarterly rental Index recorded 1.104 and an Index price of AED 53,005, and the villas/townhouses quarterly rental Index recorded 0.969 and an Index price of AED 150,181. The overall rental Index stood at 1.08, indicating an improved rental environment compared to previous quarters.
Property Finder’s proprietary data further found that Dubai recorded 31,181 transactions compared to 25,400 in Q3 2022, marking a 22.76% YoY increase in the performance of ready and off-plan transactions, leading to Dubai’s highest quarterly peak in a decade.