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Message from the Managing Director
We are delighted to release our Market Overview Report for the Dubai residential property market for H2 2023.
Observations from the report are as follows:
- The market continues to expand with ongoing YoY and QoQ increases in transaction activity, aligning with the significant population growth the city is experiencing.
- In the secondary market, there continues to be a supply and demand imbalance amongst properties for sale in Dubai leading to substantial increases in the rental market.
- As the price of properties for rent in Dubai continues to soar there is a greater incentive for tenants to transition into homeownership. Rental prices have increased in 29 out of the 30 communities tracked in this report.
- Rental transaction volume has decreased in 25 out of the 30 communities tracked in this report indicating that elevated prices are leading to reduced market activity.
- Within the sales market, there is an increase in transaction volume observed in Dubai’s more affordable communities, while the more established locations have experienced reduced levels of transaction volume as prices have risen.
- Based on increased demand we anticipate a rise in valuations in Dubai’s more traditionally affordable communities. This in turn will close the gap resulting in the start of a new pricing wave in
Dubai’s more established communities.
