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The main trends in the residential real estate markets of Dubai and Abu Dhabi

Key figures for the third quarter of 2023.

Property Finder has published a report for the third quarter of 2023.

The number of transactions shows a high record for a quarter, reaching 3,718 transactions. Compared to Q2 2022, with 1,569 transactions, it indicates a significant rise of 137%.
During this quarter, 92% of the total volume and 90% of the overall value were for the residential transitions.
The off-plan sales transactions during Q3 2023 were 2,954, compared to 1,041 transitions in the same period last year. This represents 79% of the total transactions, while it was 66% during Q3 2022, showing a huge YoY increase of 184% in terms of volume and a 367% rise in value.
In the secondary housing market, 764 properties have changed owners in the third quarter of 2023, compared to 528 in the same period last year.

In the third quarter of 2023, the Dubai real estate market has recordered 31,181 transactions. The number of sales has increased by 22.76% year-on-year. At the same time, the quarterly figure was the highest in the last decade.
The off-plan sales showed a great record by amounting to 14,714 transactions in Q3 2023, while in Q3 2022, it was 11,809, achieving around 24.6% increase. In contribution to total sales transactions, the off-plan transactions share was 47.2%, recording the highest sales transactions volume for Q3 in a decade.

In Q3 2023, the existing sales reached a new record by achieving 16,467 transactions, compared to 13,591 in Q3 2022, making it the highest performance recorded for a quarter ever. During Q3 2023, the contribution of the existing transactions to the total transactions is 52.8%.

The rental contracts in Q3 2023 have shown a year-on-year increase of 11.2%. At the same time, about 54.2% of the total rental contracts were new contracts and 45.8% were renewals, according to DLD’s data for Q3 2023.