October 2023 Property Market Snapshot

In October, Dubai's real estate market achieved AED 24.24 billion in property sales, surpassing the annual all-time high. The secondary market dominated with 5,190 transactions, 79% of total sales. Apartments led with 65% of sales, followed by villas/townhouses (26%) and commercial/other properties (9%). Properties under AED 3 million were the most popular, representing 73.2% of sales.

The rental market also remained robust, with 40,840 transactions. Apartment rentals dominated, while villa and townhouse rentals also saw significant activity. Despite stable month-on-month rental prices, there's been a 20% increase since October 2022.

October was a busy month for Allsopp & Allsopp, new client registrations increased by 64%, residential listings by 36%, and viewings by 20%. Areas like Dubai South and Jumeirah Village Circle are gaining popularity, with sales in the AED 3-5 million range up 109% year-on-year. We also saw the highest sales in Downtown, Dubai Marina, Dubai Hills for apartments, and The Springs, Arabian Ranches, and Reem for villas/townhouses.

These transactions reflected a near-even split between cash and finance buyers (48%) for Allsopp & Allsopp, with a slight edge to cash transactions (52%).

Rental relief seems to be on the way with landlords offering flexible payment terms and the introduction of new rental inventory in suburban areas offering more options for tenants. The overall market also saw a hike in demand, with a significant increase in new rental applicants and viewings. Villa/townhouse and apartment rental prices rose by 2.8% and 3.6%, respectively.

These and other trends showed a strong market with continued growth.

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Aline Pereira Head of PR and Comms

Allsopp & Allsopp

E: PR@allsoppandallsopp.com

T: 052 283 3285