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Welcome to DRE Insights - the first unbiased newsletter about Dubai Real Estate Insights
Many questions have been raised if Dubai Real Estate Market is cooling down and can it maintain staggering growth of 2022 - let’s find out what the seventh week of 2023 is telling us.
RECORD SALE THIS WEEK
Bulgari Lighthouse is again back on the spotlight. On Monday, 13 February 2023, 5-bedroom Apartment was sold (pre-registration) for AED 160m (USD 43m). The Apartment was sold off-plan and it’s expected to be completed in 2026. The Apartment was sold to undisclosed buyer.
WEEKLY VOLUMES
Total transaction value in the seventh week of 2023 was around AED 10.25bn (USD 2.79bn) which is 0.5% lower compared to the week before and 30% higher than the third week of January 2023.
APARTMENTS
Week #7 Feb: 2,031 transactions at median price AED 928k (USD 252k)
Week #6 Feb: 1,903 transactions at median price AED 1.05m (USD 285k)
Week #5 Feb: 2,227 transactions at median price AED 1.30m (USD 354k)
Week #4 Jan: 2,001 transactions at median price AED 1.16m (USD 317k)
Week #3 Jan: 1,983 transactions at median price AED 1.11m (USD 303k)
VILLAS
Week #7 Feb: 240 transactions at median price AED 2.10m (USD 573k)
Week #6 Feb: 293 transactions at median price AED 1.88m (USD 513k)
Week #5 Feb: 187 transactions at median price AED 2.0m (USD 537k)
Week #4 Jan: 242 transactions at median price AED 1.9m (USD 517k)
Week #3 Jan: 265 transactions at median price AED 2.20m (USD 600k)
LAND PLOTS
Week #7 Feb: 603 transactions at median price AED 3.85m (USD 1.1m)
Week #6 Feb: 964 transactions at median price AED 4.81m (USD 1.3m)
Week #5 Feb: 458 transactions at median price AED 2.95m (USD 800k)
Week #4 Jan: 545 transactions at median price AED 2.68m (USD 730k)
Week #3 Jan: 492 transactions at median price AED 2.61m (USD 711k)
TOTAL
Week #7 Feb: 2,874 transactions at median price AED 2.11m (USD 573k)
Week #6 Feb: 3,160 transactions at median price AED 1.89m (USD 513k)
Week #5 Feb: 2,872 transactions at median price AED 1.98m (USD 537k)
Week #4 Jan: 2,788 transactions at median price AED 1.90m (USD 517k)
Week #3 Dec: 2,740 transactions at median price AED 2.20m (USD 600k)
Source: Dubai Land Department
HOTTEST NEIGHBOURHOODS
In the third week of February, JVC remained the area with the highest number of transactions followed by newcomers Dubai Land Residence Complex and International City PH1.
In terms of transaction value, International City PH1 ended up on the first place with AED 1.23bn followed by Business Bay with AED 1.06bn and Dubai Marina with AED 542m .
When it comes to projects, Creek Edge, followed by Bucephalus and Seascape are on the top of the list by the number of transactions (80, 78 and 64). When measured by transaction value Bulgari Lighthouse is on the top, followed by One Canal and Five Luxe (AED 315m, 193m and 173m).
TRANSACTION TYPES
Cash sales still dominating the market with Mortgage sales higher than on average.
ROOM LAYOUTS
The most popular room layouts are 1 bedroom and 2 bedroom with 834 and 542 transactions in the seventh week of 2023. The highest median price over the week per sqm was paid for 5 bedrooms, followed by 2 bedrooms and 1 bedrooms
CONSLUSION
Dubai Real Estate Market had another good week with the transaction value being at the same level to the previous week. The stability comes from strong Apartment sales followed by higher than on average Land plot sales and around average Villa sales.
Bulgari Lighthouse is back with the 3 out of 5 highest sales in week 7 (USD 43m, 21m and 20m). Remaining two places were taken by Marina 101 and One at Palm Jumeirah (USD 42m and 13m).
Although Real Estate markets in US and Europe are cooling down, Dubai Market still hasn’t showed signs of slowdown. Let’s explore together what the rest of February is bringing us.
ABOUT US
In DRE Insights, we are very excited to bring weekly updates to your email. Our aim is to give unbiased and investor focused insights based on data, so anyone can make better and more informed decisions. Our newsletter is not an investment advice, but independent research to give guidance and clarity about Dubai Real Estate.
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