The price of real estate in Dubai rose 52% YoY in August 2023

by rayan on September 29, 2023

1. Average sales price in Dubai increased by 52% from AED2,167,206 in August 2022 to AED3,291,555 in August 2023.
2. German citizens accounted for 6% of the total sales in the Dubai real estate market for that month.
3. UK citizens continued to dominate the market with a 22% share, followed by Indians with 13%, and Lebanon and Russia with 6% each.
4. Dubai’s real estate market is attracting global investors.
5. Jumeirah Village Circle (JVC) was the preferred neighborhood for German buyers, representing 25% of all transactions.
6. Apartments priced between AED750,000 and AED1 million accounted for 32% of sales in JVC, while transactions between AED2 million and AED3 million made up 27% of all transactions.
7. Jumeirah Golf Estates was the second-most popular area for German purchasers, accounting for 16% of transactions there.
8. Most transactions involving German buyers took place on the secondary market, indicating continued interest in Dubai’s real estate.
9. The CEO of Allsopp & Allsopp, Lewis Allsopp, expects increased activity in the Dubai real estate market in Q4 of 2023, as countries like Germany seek opportunities in Dubai due to economic challenges at home.
10. In the first half of 2023, there was a 27% decline in the issuance of apartment building licenses in Dubai, leading to insolvency declarations from several German real estate development companies. Despite a predicted decline in property values in Germany in 2023, Dubai’s real estate market is perceived as pricey, causing potential purchasers to hesitate.