{"id":55730,"date":"2023-04-19T17:37:07","date_gmt":"2023-04-19T13:37:07","guid":{"rendered":"https:\/\/www.propertyfinder.ae\/blog\/?p=55730"},"modified":"2024-11-18T13:37:01","modified_gmt":"2024-11-18T09:37:01","slug":"market-watch-q1-2023","status":"publish","type":"post","link":"https:\/\/www.propertyfinder.ae\/blog\/market-watch-q1-2023\/","title":{"rendered":"Market Watch: Full Insights About Real Estate Performace During Q1 2023"},"content":{"rendered":"<p>The UAE&rsquo;s real estate market is surely among the most prominent and promising ones in the area. Either renting, buying, or even investing, it&rsquo;s not an easy and quick decision as it has to be well planned.&nbsp;<\/p><p>To save your time and ensure you are on the right track, find below the market performance and trends with full insights across Abu Dhabi and Dubai.&nbsp;<\/p><p>You will know in detail about the sales transactions&rsquo; value and volume, the mortgage market, and the top areas to buy, rent, or invest. Besides, it includes insights about the off-plan and existing\/ready sales markets, to find yourself the best option.&nbsp;<\/p><figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"794\" height=\"428\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/04\/below-intro-1.png\" alt=\"\" class=\"wp-image-55748\" srcset=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/04\/below-intro-1.png 794w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/04\/below-intro-1-400x216.png 400w\" sizes=\"(max-width: 794px) 100vw, 794px\" \/><\/figure><h2 class=\"wp-block-heading\" id=\"h-1-abu-dhabi-nbsp\">1. <strong>Abu Dhabi&nbsp;<\/strong><\/h2><h3 class=\"wp-block-heading\" id=\"h-highlights-nbsp\"><strong>Highlights&nbsp;<\/strong><\/h3><ul class=\"wp-block-list\">\n<li>According to the Department of Municipalities and Transport (DMT) data, in Q1 2023, the sales transactions made a significant record with <strong>2,027<\/strong> transactions which is a <strong>46.6% <\/strong>increase compared to <strong>1,383<\/strong> transactions in Q1 2022<\/li>\n<\/ul><ul class=\"wp-block-list\">\n<li>The total value of the sales transactions has also jumped to <strong>AED 11.602 billion,<\/strong> which is an outstanding record compared to <strong>AED 3.633 billion<\/strong> in Q1 2022.<\/li>\n<\/ul><ul class=\"wp-block-list\">\n<li>The market value of the sales transactions achieved a notable year-on-year growth of <strong>219.4% <\/strong>when comparing it to Q4 2022, which amounted to <strong>77%. <\/strong>This owes to:\n<ul class=\"wp-block-list\">\n<li>The country&rsquo;s great attraction to international investors&nbsp;<\/li>\n\n\n\n<li>The stable economic environment, when compared to the global one, which is quite unstable&nbsp;<\/li>\n\n\n\n<li>The revival of tourism&nbsp;<\/li>\n\n\n\n<li>The successful vaccination measurements and illuminating the Covid-19 restrictions led to getting back to the normal routine.<\/li>\n<\/ul>\n<\/li>\n<\/ul><h3 class=\"wp-block-heading\" id=\"h-total-sales-transactions-nbsp\"><strong>Total Sales Transactions&nbsp;<\/strong><\/h3><ul class=\"wp-block-list\">\n<li>Sales transactions in Abu Dhabi increased by <strong>46.6%<\/strong> in Q1 2023.&nbsp;<\/li>\n\n\n\n<li><strong>Off-plan: <\/strong>The total sales transactions volume is <strong>1,345, <\/strong>while the value is <strong>AED 4,520 billion<\/strong><\/li>\n\n\n\n<li><strong>Existing\/Ready Sales: <\/strong>The total sales transactions volume is <strong>682, <\/strong>while the value is <strong>AED 7,082 billion.&nbsp;<\/strong><\/li>\n<\/ul><h4 class=\"wp-block-heading\" id=\"h-off-plan-transactions\"><em><strong>Off-Plan Transactions<\/strong><\/em><\/h4><ul class=\"wp-block-list\">\n<li>In Q1 2023, the off-plan market continued its support to Abu Dhabi&rsquo;s real estate market, with a great contribution to its growth.&nbsp;<\/li>\n\n\n\n<li>The market witnessed <strong>1,345 <\/strong>off-plan sales transactions in Q1 2023, while in Q1 2022, it had only <strong>713<\/strong> transactions. This represents <strong>66%<\/strong> of the total transactions; on the other hand, Q1 2022&rsquo;s total sales transactions were <strong>51.6%, <\/strong>which reflects an astonishing increase.&nbsp;<\/li>\n\n\n\n<li>The value of the off-plan sales transactions amounted to <strong>AED <\/strong><strong>4,520 billion<\/strong>, compared to <strong>AED <\/strong><strong>1,294 billion<\/strong> in Q1 2022.<\/li>\n\n\n\n<li>The market also witnessed a decrease of <strong>3.1%<\/strong> in the off-plan transaction value in Q1 2023, compared to Q4 2022.<\/li>\n<\/ul><h4 class=\"wp-block-heading\" id=\"h-existing-ready-sales-transactions\"><em><strong>Existing\/Ready Sales Transactions<\/strong><\/em><\/h4><ul class=\"wp-block-list\">\n<li>The existing\/ready transactions in Q1 2023 witnessed a great increase of&nbsp; <strong>276.9% <\/strong>compared to Q4 2022.<\/li>\n\n\n\n<li>In Q1 2023, the existing\/ready market witnessed the registration of <strong>682<\/strong> ready properties, while in Q1 2022, it amounted to <strong>670.&nbsp;<\/strong><\/li>\n\n\n\n<li>The number of registered properties in Q1 2023, represents about <strong>33.6%<\/strong> of the total transactions; relating to Q1 2022, the percentage back then was <strong>48.4%.<\/strong><\/li>\n<\/ul><p>This explains the moderate growth of <strong>1.8%<\/strong> compared to the same period last year.<\/p><ul class=\"wp-block-list\">\n<li>On the other hand, the quarter-on-quarter performance had a recognizable growth as the number of transactions increased by <strong>10% <\/strong>when compared to the transactions in Q4 2022.&nbsp;<\/li>\n\n\n\n<li>In Q1 2023, the existing\/ready sales transactions value has a share of <strong>61% <\/strong>in the total sales transactions value, which is a good increase compared to the last year&rsquo;s percentage.<\/li>\n\n\n\n<li>The existing\/ready transactions value reached <strong>AED 7.082 billion <\/strong>in Q1 2023, while in Q1 2022, it amounted to <strong>AED 2.339 billion<\/strong>, reflecting a remarkable increase of <strong>202.8%.&nbsp;<\/strong><\/li>\n<\/ul><h3 class=\"wp-block-heading\" id=\"h-high-in-demand-areas-for-sale-and-rent\"><strong>High-in-Demand Areas for Sale and Rent<\/strong><\/h3><figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Apartments for sale<\/strong><\/td><td><strong>Villas for sale<\/strong><\/td><td><strong>Apartments for rent<\/strong><\/td><td><strong>Villas for rent<\/strong><\/td><\/tr><tr><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/abu-dhabi\/al-reem-island\" target=\"_blank\" title=\"Al Reem Island\" data-wpil-keyword-link=\"linked\">Al Reem Island<\/a><\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/abu-dhabi\/yas-island\" target=\"_blank\" title=\"Yas Island\" data-wpil-keyword-link=\"linked\">Yas Island<\/a><\/td><td>Al Reem Island<\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/abu-dhabi\/khalifa-city\" target=\"_blank\" title=\"Khalifa City\" data-wpil-keyword-link=\"linked\">Khalifa City<\/a><\/td><\/tr><tr><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/abu-dhabi\/yas-island\" target=\"_blank\" title=\"Yas Island\" data-wpil-keyword-link=\"linked\">Yas Island<\/a><\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/abu-dhabi\/saadiyat-island\" target=\"_blank\" title=\"Saadiyat Island\" data-wpil-keyword-link=\"linked\">Saadiyat Island<\/a><\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/abu-dhabi\/al-raha-beach\" target=\"_blank\" title=\"Al Raha Beach\" data-wpil-keyword-link=\"linked\">Al Raha Beach<\/a><\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/abu-dhabi\/mohamed-bin-zayed-city\" target=\"_blank\" title=\"Mohamed Bin Zayed City\" data-wpil-keyword-link=\"linked\">Mohamed Bin Zayed City<\/a><\/td><\/tr><tr><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/abu-dhabi\/al-raha-beach\" target=\"_blank\" title=\"Al Raha Beach\" data-wpil-keyword-link=\"linked\">Al Raha Beach<\/a><\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/abu-dhabi\/al-reef\" target=\"_blank\" title=\"Al Reef\" data-wpil-keyword-link=\"linked\">Al Reef<\/a><\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/abu-dhabi\/khalifa-city\" target=\"_blank\" title=\"Khalifa City\" data-wpil-keyword-link=\"linked\">Khalifa City<\/a><\/td><td>Yas Island<\/td><\/tr><tr><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/abu-dhabi\/saadiyat-island\" target=\"_blank\" title=\"Saadiyat Island\" data-wpil-keyword-link=\"linked\">Saadiyat Island<\/a><\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/abu-dhabi\/al-reem-island\" target=\"_blank\" title=\"Al Reem Island\" data-wpil-keyword-link=\"linked\">Al Reem Island<\/a><\/td><td>Corniche Road<\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/abu-dhabi\/al-reef\" target=\"_blank\" title=\"Al Reef\" data-wpil-keyword-link=\"linked\">Al Reef<\/a><\/td><\/tr><tr><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/abu-dhabi\/masdar-city\" target=\"_blank\" title=\"Masdar City\" data-wpil-keyword-link=\"linked\">Masdar City<\/a><\/td><td>Khalifa City<\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/abu-dhabi\/al-khalidiya\" target=\"_blank\" title=\"Al Khalidiya\" data-wpil-keyword-link=\"linked\">Al Khalidiya<\/a><\/td><td>Saadiyat Island<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\" id=\"h-property-sales-prices-in-abu-dhabi\"><strong>Property Sales Prices in Abu Dhabi<\/strong><\/h3><p>The table below shows the average asking prices for <strong>apartments <\/strong>in Abu Dhabi in Q1 2023:<\/p><figure class=\"wp-block-table\"><table><tbody><tr><td><em><strong>Three Bedrooms<\/strong><\/em><\/td><td><em><strong>Two Bedrooms<\/strong><\/em><\/td><td><em><strong>One Bedroom<\/strong><\/em><\/td><td><strong>Areas<\/strong><\/td><\/tr><tr><td><strong>AED 2,051,000&nbsp;<\/strong><\/td><td><strong>AED 1,350,000<\/strong><\/td><td><strong>AED 825,000<\/strong><\/td><td>Al Reem Island<\/td><\/tr><tr><td><strong>2,000,000 AED<\/strong><\/td><td><strong>AED 1,635,000<\/strong><\/td><td><strong>AED 990,000<\/strong><\/td><td>Yas Island<\/td><\/tr><tr><td><strong>AED 2,500,000<\/strong><\/td><td><strong>AED 1,650,000<\/strong><\/td><td><strong>AED 1,100,000<\/strong><\/td><td>Al Raha Beach<\/td><\/tr><tr><td><strong>AED 7,100,000&nbsp;<\/strong><\/td><td><strong>4,000,000 AED<\/strong><\/td><td><strong>2,110,000 AED&nbsp;<\/strong><\/td><td>Saadiyat Island<\/td><\/tr><tr><td><strong>AED 1,800,000<\/strong><\/td><td><strong>AED 1,100,000<\/strong><\/td><td><strong>AED 745,000<\/strong><\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/abu-dhabi\/masdar-city\" target=\"_blank\" title=\"Masdar City\" data-wpil-keyword-link=\"linked\">Masdar City<\/a><\/td><\/tr><\/tbody><\/table><\/figure><p>The table below shows the average asking prices for <strong>villas <\/strong>in Abu Dhabi in Q1 2023:<\/p><figure class=\"wp-block-table\"><table><tbody><tr><td><em>Five Bedrooms<\/em><\/td><td><em>Four Bedrooms<\/em><\/td><td><em>Three Bedrooms<\/em><\/td><td><\/td><\/tr><tr><td><strong>AED 6,150,000<\/strong><\/td><td><strong>AED 5,350,000<\/strong><\/td><td><strong>AED 4,320,000<\/strong><\/td><td>Yas Island<\/td><\/tr><tr><td><strong>AED 12,999,400<\/strong><\/td><td><strong>AED 6,372,000<\/strong><\/td><td><strong>AED 6,000,000<\/strong><\/td><td>Saadiyat Island<\/td><\/tr><tr><td><strong>AED 2,500,000<\/strong><\/td><td><strong>AED 2,200,000<\/strong><\/td><td><strong>AED 1,600,000<\/strong><\/td><td>Al Reef<\/td><\/tr><tr><td><strong>AED 11,000,000<\/strong><\/td><td><strong>AED 3,700,000<\/strong><\/td><td><strong>AED 3,450,000<\/strong><\/td><td>Al Reem Island<\/td><\/tr><tr><td><strong>AED 5,200,000<\/strong><\/td><td><strong>AED 5,300,000<\/strong><\/td><td><strong>AED 3,500,000&nbsp;<\/strong><\/td><td>Khalifa City<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\" id=\"h-property-rental-prices-in-abu-dhabi\"><strong>Property Rental Prices in Abu Dhabi<\/strong><\/h3><p>The table below shows the average rental prices for <strong>apartments <\/strong>in Abu Dhabi in Q1 2023 at the top preferences either for homeownership or investment in Abu Dhabi.<\/p><figure class=\"wp-block-table\"><table><tbody><tr><td><em>Three Bedrooms<\/em><\/td><td><em>Two Bedrooms<\/em><\/td><td><em>One Bedroom<\/em><\/td><td><\/td><\/tr><tr><td><strong>AED 125,000<\/strong><\/td><td><strong>AED 85,600<\/strong><\/td><td><strong>AED 64,200<\/strong><\/td><td>Al Reem Island<\/td><\/tr><tr><td><strong>AED 155,000<\/strong><\/td><td><strong>AED 100,000<\/strong><\/td><td><strong>AED 62,500<\/strong><\/td><td>Al Raha Beach<\/td><\/tr><tr><td><strong>AED 85,000<\/strong><\/td><td><strong>AED 64,247<\/strong><\/td><td><strong>AED 42,000<\/strong><\/td><td>Khalifa City<\/td><\/tr><tr><td><strong>AED 151,500<\/strong><\/td><td><strong>AED 115,000<\/strong><\/td><td><strong>AED 84,000<\/strong><\/td><td>Corniche Road<\/td><\/tr><tr><td><strong>AED100,000<\/strong><\/td><td><strong>AED 86,000<\/strong><\/td><td><strong>AED 63,400<\/strong><\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/abu-dhabi\/al-khalidiya\" target=\"_blank\" title=\"Al Khalidiya\" data-wpil-keyword-link=\"linked\">Al Khalidiya<\/a><\/td><\/tr><\/tbody><\/table><\/figure><p>The table below shows the average rental prices for <strong>villas <\/strong>in Abu Dhabi in Q1 2023:<\/p><figure class=\"wp-block-table\"><table><tbody><tr><td><em>Five Bedrooms<\/em><\/td><td><em>Four Bedrooms<\/em><\/td><td><em>Three Bedroom<\/em><\/td><td><\/td><\/tr><tr><td><strong>AED 162,500<\/strong><\/td><td><strong>AED 160,000<\/strong><\/td><td><strong>AED 130,000<\/strong><\/td><td>Khalifa City<\/td><\/tr><tr><td><strong>AED 150,000<\/strong><\/td><td><strong>AED 130,000<\/strong><\/td><td><strong>AED 130,000<\/strong><\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/abu-dhabi\/mohamed-bin-zayed-city\" target=\"_blank\" title=\"Mohamed Bin Zayed City\" data-wpil-keyword-link=\"linked\">Mohamed Bin Zayed City<\/a><\/td><\/tr><tr><td><strong>AED 300,000<\/strong><\/td><td><strong>AED 280,000<\/strong><\/td><td><strong>AED 235,000<\/strong><\/td><td>Yas Island<\/td><\/tr><tr><td><strong>AED 150,000<\/strong><\/td><td><strong>AED 138,000<\/strong><\/td><td><strong>AED 100,000<\/strong><\/td><td>Al Reef<\/td><\/tr><tr><td><strong>AED 600,00<\/strong><\/td><td><strong>AED 420,000<\/strong><\/td><td><strong>AED 375,000<\/strong><\/td><td>Saadiyat Island<\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\" id=\"h-2-dubai\">2. <strong>Dubai<\/strong><\/h2><h3 class=\"wp-block-heading\" id=\"h-highlights-nbsp-0\"><strong>Highlights<\/strong>&nbsp;<\/h3><ul class=\"wp-block-list\">\n<li>Dubai contributes to the total GDP of UAE with <strong>25.8%<\/strong><\/li>\n\n\n\n<li>The real estate market contributes to Dubai&rsquo;s total GDP with <strong>15.2%<\/strong><\/li>\n\n\n\n<li>The emirate&rsquo;s economy is showing good progress in recovering from the pandemic consequences.&nbsp;<\/li>\n<\/ul><figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"794\" height=\"256\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/04\/Screen-Shot-2023-04-18-at-1.11.09-PM-1.png\" alt=\"\" class=\"wp-image-55749\" srcset=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/04\/Screen-Shot-2023-04-18-at-1.11.09-PM-1.png 794w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/04\/Screen-Shot-2023-04-18-at-1.11.09-PM-1-400x129.png 400w\" sizes=\"(max-width: 794px) 100vw, 794px\" \/><\/figure><h3 class=\"wp-block-heading\" id=\"h-total-sales-transactions-volume-nbsp\"><strong>Total Sales Transactions Volume&nbsp;<\/strong><\/h3><ul class=\"wp-block-list\">\n<li>2023 started its first quarter with outstanding performance and a remarkable record ever recorded, with <strong>30,952<\/strong> total sales transactions compared to Q1 2022.&nbsp;<\/li>\n<\/ul><ul class=\"wp-block-list\">\n<li>Q1 2023 also recorded a significant increase of <strong>52%<\/strong> YoY to be the highest performance for a quarter ever, owing to the great performance of the off-plan transactions.<\/li>\n<\/ul><h4 class=\"wp-block-heading\" id=\"h-off-plan-transactions-0\"><em><strong>Off-Plan Transactions<\/strong><\/em><\/h4><ul class=\"wp-block-list\">\n<li>A new record of off-plan sales in Q1 2023 is reaching <strong>15,948 <\/strong>transactions with an <strong>88.4%<\/strong> increase compared to Q1 2022.&nbsp;<\/li>\n<\/ul><ul class=\"wp-block-list\">\n<li>During the 1st quarter of 2023, the off-plan transactions&rsquo; share is of the total transactions, which is around a <strong>10%<\/strong> difference compared to Q1 2022. This reflects the great support of the off-plans market to Dubai&rsquo;s real estate market.&nbsp;<\/li>\n<\/ul><ul class=\"wp-block-list\">\n<li>The <strong><a href=\"https:\/\/www.propertyfinder.ae\/en\/new-projects\" target=\"_blank\">off-plan\/primary<\/a> <\/strong>introduced new high-profile launches to the market in Q1 2023, like:\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.propertyfinder.ae\/en\/new-projects\/majid-al-futtaim\/lanai-islands\" target=\"_blank\">Lanai Islands<\/a> in Tilal Al Ghaf<\/li>\n\n\n\n<li><a href=\"https:\/\/www.propertyfinder.ae\/en\/new-projects\/signature-dt-real-estate-development\/the-residences\" target=\"_blank\">The Residence<\/a> at Burj Khalifa<\/li>\n\n\n\n<li><a href=\"https:\/\/www.propertyfinder.ae\/en\/new-projects\/arada-sale\/jouri-hills\" target=\"_blank\">Jouri Hills <\/a>in Jumeirah Golf Estates<\/li>\n\n\n\n<li><a class=\"wpil_keyword_link\" title=\"Bluewaters\" data-wpil-keyword-link=\"linked\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/bluewaters\" target=\"_blank\">Bluewaters<\/a> Bay on Bluewaters Island&nbsp;<\/li>\n\n\n\n<li>New launches in District One and Madinat <a class=\"wpil_keyword_link\" title=\"Jumeirah\" data-wpil-keyword-link=\"linked\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/jumeirah\" target=\"_blank\">Jumeirah<\/a> Living.&nbsp;<\/li>\n<\/ul>\n<\/li>\n<\/ul><ul class=\"wp-block-list\">\n<li>The diverse selection of projects that are newly launched offers you various options to enjoy a lavish living and a unique level of investment value.<\/li>\n<\/ul><h4 class=\"wp-block-heading\" id=\"h-secondary-transactions\"><em><strong>Secondary Transactions<\/strong><\/em><\/h4><ul class=\"wp-block-list\">\n<li>The existing\/ready sales witnessed a new record by reaching <strong>15,004<\/strong> transactions with a <strong>26.24%<\/strong> increase compared to Q1 2022.<\/li>\n<\/ul><figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"794\" height=\"256\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/04\/transactions-volume-Duabi-1.png\" alt=\"\" class=\"wp-image-55750\" srcset=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/04\/transactions-volume-Duabi-1.png 794w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/04\/transactions-volume-Duabi-1-400x129.png 400w\" sizes=\"(max-width: 794px) 100vw, 794px\" \/><\/figure><h3 class=\"wp-block-heading\" id=\"h-total-sales-transactions-value-nbsp\"><strong>Total Sales Transactions Value&nbsp;<\/strong><\/h3><p>The strong economic growth and tourism industry are the reasons behind the high demand for housing; as a result:&nbsp;<\/p><ul class=\"wp-block-list\">\n<li>Q1 2023 recorded the highest value ever for a quarter with sales transactions amounting to <strong>AED 89.056 billion&nbsp;<\/strong><\/li>\n\n\n\n<li>The value of the sales transactions increased by<strong> 61.4% <\/strong>compared to Q1 2022, making a new benchmark for the total sales value.&nbsp;<\/li>\n<\/ul><h4 class=\"wp-block-heading\" id=\"h-off-plan-transactions-value\"><em><strong>Off-Plan Transactions Value<\/strong><\/em><\/h4><ul class=\"wp-block-list\">\n<li>The off-plan sales value reached <strong>AED 35,74 billion<\/strong> transactions in Q1 2023, making a new record with a <strong>124.6% <\/strong>increase compared to Q1 2022<\/li>\n<\/ul><ul class=\"wp-block-list\">\n<li>In addition, <strong>40%<\/strong> of the total transactions value owes to the off-plan transactions, achieving an <strong>11%<\/strong> increase compared to the same period last year.&nbsp;<\/li>\n<\/ul><h4 class=\"wp-block-heading\" id=\"h-secondary-transactions-value\"><em><strong>Secondary Transactions value<\/strong><\/em><\/h4><ul class=\"wp-block-list\">\n<li>In Q1 2023, the secondary transactions sales value set a new record of <strong>AED 53.3 billion<\/strong>, marking a remarkable increase of <strong>35.78% <\/strong>compared to the same period of the previous year.<\/li>\n<\/ul><ul class=\"wp-block-list\">\n<li><strong>This marks the<\/strong> highest transaction value ever recorded for a quarter. It achieved a <strong>15.53%<\/strong> increase from Q4 2022.<\/li>\n<\/ul><figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"794\" height=\"226\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/04\/Dubai-Transactions-Value-1.png\" alt=\"\" class=\"wp-image-55751\" srcset=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/04\/Dubai-Transactions-Value-1.png 794w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/04\/Dubai-Transactions-Value-1-400x114.png 400w\" sizes=\"(max-width: 794px) 100vw, 794px\" \/><\/figure><h3 class=\"wp-block-heading\" id=\"h-total-rental-contracts-relative-distribution-by-area-in-q1-2023\"><strong>Total Rental Contracts&rsquo; Relative Distribution by Area in Q1 2023<\/strong><\/h3><h4 class=\"wp-block-heading\" id=\"h-new-rental-contracts-relative-distribution-by-area-in-q1-2023\">New Rental Contracts&rsquo; Relative Distribution by Area in Q1 2023<\/h4><p>Dubai rental market witnessed a number of new rental contracts by the different residents seeking new homes; find below the top areas where new leasing contracts took place:<\/p><ul class=\"wp-block-list\">\n<li>Jabal Ali Industrial First<\/li>\n\n\n\n<li><a class=\"wpil_keyword_link\" title=\"Al Warsan\" data-wpil-keyword-link=\"linked\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/al-warsan\" target=\"_blank\">Al Warsan<\/a> First<\/li>\n\n\n\n<li>Muhaisanah Second<\/li>\n\n\n\n<li>Jabal Ali First<\/li>\n\n\n\n<li><a class=\"wpil_keyword_link\" title=\"Business Bay\" data-wpil-keyword-link=\"linked\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/business-bay\" target=\"_blank\">Business Bay<\/a><\/li>\n<\/ul><h4 class=\"wp-block-heading\" id=\"h-renewed-rental-contracts-relative-distribution-by-area-in-q1-2023\"><strong>Renewed Rental Contracts&rsquo; Relative Distribution by Area in Q1 2023<\/strong><\/h4><p>The satisfaction and demand of the residents about certain areas was confirmed according to the numbers of renewed contracts in Dubai.&nbsp;<\/p><p>Here are the top communities that witnessed leasing contracts renewal:<\/p><ul class=\"wp-block-list\">\n<li>Jabal Ali First<\/li>\n\n\n\n<li>Naif<\/li>\n\n\n\n<li><a class=\"wpil_keyword_link\" title=\"Al Warsan\" data-wpil-keyword-link=\"linked\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/al-warsan\" target=\"_blank\">Al Warsan<\/a> First<\/li>\n\n\n\n<li>Al Karama<\/li>\n\n\n\n<li>Al Suq Al Kabeer<\/li>\n<\/ul><h3 class=\"wp-block-heading\" id=\"h-high-in-demand-areas-for-sale-and-rent-0\"><strong>High-in-Demand Areas for Sale and Rent<\/strong><\/h3><p>The following table includes the top options for owning or renting an apartment or villa in Dubai.<\/p><figure class=\"wp-block-table\"><table><tbody><tr><td><strong><em>Sale&nbsp;<\/em><\/strong><\/td><td><strong><em>Rent&nbsp;<\/em><\/strong><\/td><\/tr><tr><td>Apartments<\/td><td>Villas<\/td><td>Apartments<\/td><td>Villas<\/td><\/tr><tr><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/dubai-marina\" target=\"_blank\" title=\"Dubai Marina\" data-wpil-keyword-link=\"linked\">Dubai Marina<\/a><\/td><td>Dubai Hills Estate&nbsp;<\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/dubai-marina\" target=\"_blank\" title=\"Dubai Marina\" data-wpil-keyword-link=\"linked\">Dubai Marina<\/a><\/td><td>Dubai Hills Estate&nbsp;<\/td><\/tr><tr><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/downtown-dubai\" target=\"_blank\" title=\"Downtown Dubai\" data-wpil-keyword-link=\"linked\">Downtown Dubai<\/a><\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/palm-jumeirah\" target=\"_blank\" title=\"Palm Jumeirah\" data-wpil-keyword-link=\"linked\">Palm Jumeirah<\/a>&nbsp;<\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/downtown-dubai\" target=\"_blank\" title=\"Downtown Dubai\" data-wpil-keyword-link=\"linked\">Downtown Dubai<\/a><\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/damac-hills-2\" target=\"_blank\" title=\"DAMAC Hills 2\" data-wpil-keyword-link=\"linked\">DAMAC Hills 2<\/a><\/td><\/tr><tr><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/business-bay\" target=\"_blank\" title=\"Business Bay\" data-wpil-keyword-link=\"linked\">Business Bay<\/a><\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/arabian-ranches\" target=\"_blank\" title=\"Arabian Ranches\" data-wpil-keyword-link=\"linked\">Arabian Ranches<\/a><\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/jumeirah-village-circle\" target=\"_blank\" title=\"Jumeirah Village Circle\" data-wpil-keyword-link=\"linked\">Jumeirah Village Circle<\/a><\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/al-barsha\" target=\"_blank\" title=\"Al Barsha\" data-wpil-keyword-link=\"linked\">Al Barsha<\/a><\/td><\/tr><tr><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/palm-jumeirah\" target=\"_blank\" title=\"Palm Jumeirah\" data-wpil-keyword-link=\"linked\">Palm Jumeirah<\/a><\/td><td>DAMAC Hills<\/td><td>Business Bay<\/td><td>Jumeirah<\/td><\/tr><tr><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/jumeirah-village-circle\" target=\"_blank\" title=\"Jumeirah Village Circle\" data-wpil-keyword-link=\"linked\">Jumeirah Village Circle<\/a><\/td><td>Mohamed Bin Rashid City<\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/jumeirah-lake-towers\" target=\"_blank\" title=\"Jumeirah Lake Towers\" data-wpil-keyword-link=\"linked\">Jumeirah Lake Towers<\/a><\/td><td>DAMAC Hills<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\" id=\"h-property-sales-prices-in-dubai\"><strong>Property Sales Prices in Dubai<\/strong><\/h3><p>The table below shows the average asking prices for <strong>apartments <\/strong>in Dubai in 2023:<\/p><figure class=\"wp-block-table\"><table><tbody><tr><td><em>Three Bedrooms<\/em><\/td><td><em>Two Bedrooms<\/em><\/td><td><em>One Bedroom<\/em><\/td><td><\/td><\/tr><tr><td><strong>AED 3,600,000<\/strong><\/td><td><strong>AED 2,200,000<\/strong><\/td><td><strong>AED 1,350,000<\/strong><\/td><td>Dubai Marina<\/td><\/tr><tr><td><strong>AED 6,300,000<\/strong><\/td><td><strong>AED 3,750,000<\/strong><\/td><td><strong>AED 1,799,888<\/strong><\/td><td>Downtown Dubai<\/td><\/tr><tr><td><strong>AED 3,200,000<\/strong><\/td><td><strong>AED 2,250,000<\/strong><\/td><td><strong>AED 1,350,000<\/strong><\/td><td>Business Bay<\/td><\/tr><tr><td><strong>AED 5,600,000<\/strong><\/td><td><strong>AED 4,150,000<\/strong><\/td><td><strong>AED 2,900,000<\/strong><\/td><td>Palm Jumeirah<\/td><\/tr><tr><td><strong>AED 1,705,575<\/strong><\/td><td><strong>AED 1,200,000<\/strong><\/td><td><strong>AED 779,000<\/strong><\/td><td>Jumeirah Village Circle<\/td><\/tr><\/tbody><\/table><\/figure><p>The table below shows the average asking prices for<strong> villas <\/strong>in Dubai in 2023:<\/p><figure class=\"wp-block-table\"><table><tbody><tr><td><em>Five Bedrooms<\/em><\/td><td><em>Four Bedrooms<\/em><\/td><td><em>Three Bedrooms<\/em><\/td><td><\/td><\/tr><tr><td><strong>AED 8,250,000<\/strong><\/td><td><strong>AED 5,825,000<\/strong><\/td><td><strong>AED 4,800,000<\/strong><\/td><td>Dubai Hills Estate&nbsp;<\/td><\/tr><tr><td><strong>AED 30,000,000<\/strong><\/td><td><strong>AED 21,000,000<\/strong><\/td><td><strong>AED 13,000,000<\/strong><\/td><td>Palm Jumeirah&nbsp;<\/td><\/tr><tr><td><strong>AED 7,500,000<\/strong><\/td><td><strong>AED 5,500,000<\/strong><\/td><td><strong>AED 3,500,000<\/strong><\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/arabian-ranches\" target=\"_blank\" title=\"Arabian Ranches\" data-wpil-keyword-link=\"linked\">Arabian Ranches<\/a><\/td><\/tr><tr><td><strong>AED 7,600,000<\/strong><\/td><td><strong>AED 3,640,000<\/strong><\/td><td><strong>AED 2,750,000<\/strong><\/td><td>DAMAC Hills<\/td><\/tr><tr><td><strong>AED 21,807,507<\/strong><\/td><td><strong>AED 11,935,000<\/strong><\/td><td><strong>AED 3,393,889<\/strong><\/td><td>Mohamed Bin Rashid City<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\" id=\"h-property-rental-prices-in-dubai\"><strong>Property Rental Prices in Dubai<\/strong><\/h3><p>The table below shows the average rental prices for <strong>apartments <\/strong>in Dubai in Q1 2023:<\/p><figure class=\"wp-block-table\"><table><tbody><tr><td><em>Three Bedrooms<\/em><\/td><td><em>Two Bedrooms<\/em><\/td><td><em>One Bedroom<\/em><\/td><td><\/td><\/tr><tr><td><strong>AED 242,995<\/strong><\/td><td><strong>AED 158,000<\/strong><\/td><td><strong>AED 110,000<\/strong><\/td><td>Dubai Marina<\/td><\/tr><tr><td><strong>AED 402,500<\/strong><\/td><td><strong>AED 220,000<\/strong><\/td><td><strong>AED 125,000<\/strong><\/td><td>Downtown Dubai<\/td><\/tr><tr><td><strong>AED 125,000<\/strong><\/td><td><strong>AED 85,000<\/strong><\/td><td><strong>AED 65,000<\/strong><\/td><td>Jumeirah Village Circle<\/td><\/tr><tr><td><strong>AED 190,000<\/strong><\/td><td><strong>AED 140,000<\/strong><\/td><td><strong>AED 90,000<\/strong><\/td><td>Business Bay<\/td><\/tr><tr><td><strong>AED 149,999<\/strong><\/td><td><strong>AED 110,000<\/strong><\/td><td><strong>AED 80,000<\/strong><\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/jumeirah-lake-towers\" target=\"_blank\" title=\"Jumeirah Lake Towers\" data-wpil-keyword-link=\"linked\">Jumeirah Lake Towers<\/a><\/td><\/tr><\/tbody><\/table><\/figure><p>The table below shows the average rental prices for<strong> villas <\/strong>in Dubai in Q1 2023:<\/p><figure class=\"wp-block-table\"><table><tbody><tr><td><em>Five Bedrooms<\/em><\/td><td><em>Four Bedrooms<\/em><\/td><td><em>Three Bedrooms<\/em><\/td><td><\/td><\/tr><tr><td><strong>AED 480,000<\/strong><\/td><td><strong>AED 360,000<\/strong><\/td><td><strong>AED 345,000<\/strong><\/td><td>Dubai Hills Estate&nbsp;<\/td><\/tr><tr><td><strong>AED 130,000<\/strong><\/td><td><strong>AED 134,000<\/strong><\/td><td><strong>AED 80,000<\/strong><\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/damac-hills\" target=\"_blank\" title=\"DAMAC Hills\" data-wpil-keyword-link=\"linked\">DAMAC Hills<\/a> 2<\/td><\/tr><tr><td><strong>AED 410,000<\/strong><\/td><td><strong>AED 310,000<\/strong><\/td><td><strong>AED 187,500<\/strong><\/td><td><a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/area-insights\/dubai\/al-barsha\" target=\"_blank\" title=\"Al Barsha\" data-wpil-keyword-link=\"linked\">Al Barsha<\/a><\/td><\/tr><tr><td><strong>AED 460,000<\/strong><\/td><td><strong>AED 368,000<\/strong><\/td><td><strong>AED 269,999&nbsp;<\/strong><\/td><td>Jumeirah<\/td><\/tr><tr><td><strong>AED 450,000<\/strong><\/td><td><strong>AED 270,000<\/strong><\/td><td><strong>AED 210,000<\/strong><\/td><td>DAMAC Hills<\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\" id=\"h-mortgage-market-performance-nbsp\"><strong>Mortgage Market Performance&nbsp;<\/strong><\/h2><h3 class=\"wp-block-heading\" id=\"h-highlights\"><strong>Highlights<\/strong><\/h3><ul class=\"wp-block-list\">\n<li>The mortgage market in Dubai Q1 2023 witnessed a growth of <strong>19%<\/strong> compared to the same period last year, in spite of the unexpected rise in interest rates and unit prices.&nbsp;<\/li>\n<\/ul><ul class=\"wp-block-list\">\n<li>The mortgage market showed a <strong>60%<\/strong> growth in mortgage applications which reflects that the mortgage market will continue to in the 2nd quarter too<\/li>\n<\/ul><ul class=\"wp-block-list\">\n<li>There are different factors behind this great growth, including the rise in rental prices, which made it difficult for residents to find an affordable home; consequently, many residents turned to the mortgage as a more secure option.&nbsp;<\/li>\n<\/ul><h3 class=\"wp-block-heading\" id=\"h-areas-with-a-rise-in-mortgage-transactions\"><strong>Areas with a Rise in Mortgage Transactions<\/strong><\/h3><p>Due to the rise in property prices and the costs of living, residents tended to move to remote areas. Find below the top remote areas that witnessed a rise in mortgage transactions in Q1 2023:<\/p><ul class=\"wp-block-list\">\n<li>Dubai Creek<\/li>\n\n\n\n<li>Jumeirah Village Circle<\/li>\n\n\n\n<li>Al Fujran.<\/li>\n<\/ul><h3 class=\"wp-block-heading\" id=\"h-top-5-nationalities-of-borrowers-nbsp\"><strong>Top 5 Nationalities of Borrowers&nbsp;<\/strong><\/h3><p>According to <a href=\"https:\/\/www.mortgagefinder.ae\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mortgage Finder<\/a> data and insights, some nationalities in Dubai showed a great interest in the mortgage option. Here are the top 5 nationalities:<\/p><ul class=\"wp-block-list\">\n<li>India<\/li>\n\n\n\n<li>United Kingdom<\/li>\n\n\n\n<li>United Arab Emirates<\/li>\n\n\n\n<li>Pakistan<\/li>\n\n\n\n<li>Egypt.<\/li>\n<\/ul><figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"800\" height=\"534\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/04\/shutterstock_1125678230-1-800x534-1.jpeg\" alt=\" Property Finder Market Watch report for Q1 2023.\" class=\"wp-image-55754\" srcset=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/04\/shutterstock_1125678230-1-800x534-1.jpeg 800w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/04\/shutterstock_1125678230-1-800x534-1-400x267.jpeg 400w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure><p>You got a full overview of Dubai&rsquo;s and Abu Dhabi&rsquo;s real estate market performance in addition to the mortgage market during Q1 2023, supported with all the important information, according to Property Finder&rsquo;s Data.&nbsp;<\/p><p>For more deep details, download the Property Finder Market Watch report for Q1 2023.<\/p><div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/04\/MarketWatch_Q1_2023.pdf\" target=\"_blank\">Download Report<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The UAE&rsquo;s real estate market is surely among the most prominent and promising ones in the area. Either renting, buying, or even investing, it&rsquo;s not an easy and quick decision as it has to be well planned.&nbsp; To save your time and ensure you are on the right track, find below the market performance and&#8230;<\/p>\n","protected":false},"author":30203,"featured_media":55757,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","footnotes":""},"categories":[1231],"tags":[],"class_list":["post-55730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-inside-propertyfinder"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.0 (Yoast SEO v22.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Market Watch: Full Insights About Real Estate Performace During Q1 2023<\/title>\n<meta name=\"description\" content=\"The market watch is your guide for full market performance and trends with full insights across Abu Dhabi and Dubai.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Watch: Full Insights About Real Estate Performace During Q1 2023\" \/>\n<meta property=\"og:description\" content=\"The market watch is your guide for full market performance and trends with full insights across Abu Dhabi and Dubai.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.propertyfinder.ae\/blog\/market-watch-q1-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Property Finder Blog UAE\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/propertyfinderuae\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-19T13:37:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-18T09:37:01+00:00\" 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