Transaction volumes in Dubai’s AED 5mln+ residential market reached record levels in 2023, says CBRE

Transaction volumes in Dubai’s AED 5mln+ residential market reached record levels in 2023, says CBRE

Dubai – Sales of properties worth more than AED 5m and AED 10m in Dubai hit record levels in 2023, reaching 10,296 and 3,806, up 54.5% and 68.4% from a year earlier, respectively. Off-plan sales in both segments of the market have been the primary drivers of activity, where, in the AED 5m+ and AED 10m+ segments of the market, off-plan sales accounted for 67.2% and 70.8% of total transaction volumes, respectively. The level of demand has been such that the vast majority of sales in these two segments have occurred in relatively nascent developments, where many of these developments are still only emerging as prime locations.

In traditional prime* and super-prime* locations, we have seen a slightly different trajectory take place, at least from a transaction volumes perspective. In 2023, the total volume of sales transactions within the prime segment of the market declined by 15.5% compared to the year prior, reaching a total of 1,968. Over this period, within the super-prime segment of the market, the number of transactions stood at 1,003, marking a decline of 3.1% compared to a year earlier. Amongst the communities tracked by CBRE, in 2023, Palm Jumeirah registered the highest volume of transactions in