Dubai’s residential market reaches record highs in the first quarter of 2023, says CBRE

Dubai’s residential market reaches record highs in the first quarter of 2023, says CBRE

Dubai – In March 2023, 11,597 residential transactions were registered in Dubai, the highest monthly total ever recorded, marking a growth rate of 47.3% compared to the year prior. This increase has been supported by a 96.1% growth in off-plan market transactions and a 12.4% increase in secondary market transactions. In the year to date to March 2023, the total transaction volume reached 29,323, which is the highest total ever registered during the first quarter of the year.

Average residential prices in Dubai have increased by 12.8% in the year through March 2023, with average apartment prices increasing by 12.4% and average villa prices by 14.8% over the same period. As at March 2023, average apartment prices stood at AED 1,234 per square foot, and average villa prices stood at AED 1,455 per square foot. Average apartment sales rates are still 17.1% below the highs of 2014, although there are a number of submarkets where these rates are now above their 2014 levels. Average villa sales rates across Dubai have now surpassed their 2014 high and now sit 0.7% above this figure.

Jumeirah has recorded the highest sales rate per square foot in the apartment segment of the market, reaching AED 2,441,