Dubai residential market records 41.4% sales transaction growth, 29.3% rise in volume in 2023, new market report

Dubai’s residential market recorded a 41.4 percent jump in sales transactions and 29.3 percent rise in volumes in 2023 over the previous year, a new market report said.

Secondary market transactions have also seen a notable uptick, alongside a resilient rental market, especially in the apartment sector, last year, the inaugural Market Insights year-end report by Springfield Properties said.

Additionally, the emirate’s affordable path to homeownership stands out globally, with a skilled service worker in Dubai estimated to require approximately only six years to purchase a centrally located apartment, significantly less than in many other major global cities, the report by the leading real estate brokerage said.

“The average sales price of properties has increased compared to last year, reflecting strong market confidence.

“Furthermore, Dubai’s real estate offers exceptional value on a global scale, with $1 million securing 105 sqm of prime property, far more spacious than similar investments in cities like New York or London,” the report said.