{"id":78558,"date":"2023-11-19T18:54:05","date_gmt":"2023-11-19T14:54:05","guid":{"rendered":"https:\/\/www.propertyfinder.ae\/blog\/?p=78558"},"modified":"2024-04-29T13:07:47","modified_gmt":"2024-04-29T09:07:47","slug":"market-watch-q3-2023","status":"publish","type":"post","link":"https:\/\/www.propertyfinder.ae\/blog\/market-watch-q3-2023\/","title":{"rendered":"Market Watch Q3 2023: Latest Trends in Abu Dhabi &#038; Dubai&#8217;s Residential Real Estate"},"content":{"rendered":"<p>The real estate market in UAE is a dynamic one, and in order to make the best out of its opportunities, you need always to have a closer eye on it.&nbsp;<\/p><p>This inclusive and insightful guide will assist you in this; it will walk you through the insights and performance of the UAE real estate sector during Q3 2023, according to the latest Market Watch report.<\/p><p>The report brings you all the information you need for data-driven decisions and a deep overview.&nbsp;<\/p><figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"800\" height=\"500\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_2321116995-1-800x500.jpg\" alt=\"\" class=\"wp-image-78580\" srcset=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_2321116995-1-800x500.jpg 800w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_2321116995-1-400x250.jpg 400w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_2321116995-1.jpg 1000w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure><h2 class=\"wp-block-heading\"><strong>Highlights<\/strong><\/h2><p>Find below the market&rsquo;s highlights during the third quarter of 2023.<\/p><ul class=\"wp-block-list\"><li>During the first 3 months of 2023, the UAE&rsquo;s economic growth witnessed a <strong>3.8% <\/strong>decrease YoY and a <strong>5.5%<\/strong> decrease compared to the last quarter of 2022.<\/li><li>Although there was a recognized dip in oil production growth, it aligns with the Central Bank of the United Arab Emirates&rsquo; predictions.<\/li><li>2024 is likely to witness an increase in oil production as some restrictions will be eased.<\/li><\/ul><h2 class=\"wp-block-heading\"><strong>Abu Dhabi&nbsp;<\/strong><\/h2><h3 class=\"wp-block-heading\"><strong>Highlights<\/strong><\/h3><ul class=\"wp-block-list\"><li>Abu Dhabi, over the last period, managed to solidify its international standing successfully and sustained its competitive advantage while developing a stable macroeconomic environment.&nbsp;<\/li><\/ul><ul class=\"wp-block-list\"><li>In Abu Dhabi, the real estate activities and construction sectors during Q2 2023 witnessed around a <strong>15.5%<\/strong> increase compared to the same period last year and <strong>7.5% <\/strong>compared to Q1 2023.<\/li><\/ul><ul class=\"wp-block-list\"><li>The construction sector was one of the main reasons, as it witnessed a big increase of <strong>19.1% <\/strong>compared to Q2 2022 and <strong>8.1% <\/strong>compared to Q1 2023.&nbsp;<\/li><li><li>On the other hand, the real estate activities sector showed an increase of <strong>7.2% <\/strong>and<strong> 6% <\/strong>compared to Q2 2022 and Q1 2023, respectively.<\/li><\/ul><figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"800\" height=\"534\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_2290958483-1-800x534.jpg\" alt=\"\" class=\"wp-image-78600\" srcset=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_2290958483-1-800x534.jpg 800w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_2290958483-1-400x267.jpg 400w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_2290958483-1.jpg 1000w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure><h3 class=\"wp-block-heading\"><strong>Total Sales Transactions<\/strong><\/h3><ul class=\"wp-block-list\"><li>During Q3 2023, Abu Dhabi showed a significant increase in total sales transitions, including residential and commercial, according to data from the Department of Municipalities and Transport (DMT).<\/li><\/ul><ul class=\"wp-block-list\"><li>The number of transactions shows a high record for a quarter, reaching <strong>3,718<\/strong> transactions. Compared to Q2 2022, with <strong>1,569<\/strong> transactions, it indicates a significant rise of&nbsp; <strong>137%.&nbsp;<\/strong><\/li><li>During this quarter, <strong>92%<\/strong> of the total volume and <strong>90%<\/strong> of the overall value were for the residential transitions.&nbsp;<\/li><li>The growth in the number of transactions reflects the investors&rsquo; confidence in Abu Dhabi&rsquo;s real estate market. In addition, the government&rsquo;s continuous efforts in improving and developing the investment environment and regulatory framework made it a promising atmosphere for investment.&nbsp;<\/li><\/ul><h3 class=\"wp-block-heading\"><strong>Off-plan Sales Transactions&nbsp;<\/strong><\/h3><ul class=\"wp-block-list\"><li>Q3 2023 was no exception in the <a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/new-projects\" target=\"_blank\" title=\"off-plan\" data-wpil-keyword-link=\"linked\" data-wpil-monitor-id=\"61\">off-plan<\/a> market support for the real estate market in Abu Dhabi.&nbsp;<\/li><li>The off-plan sales transactions during Q3 2023 were <strong>2,954<\/strong>, compared to <strong>1,041 <\/strong>transitions in the same period last year.&nbsp;<br><br>This represents <strong>79% <\/strong>of the total transactions, while it was <strong>66% <\/strong>during Q3 2022, showing a huge YoY increase of <strong>184% <\/strong>in terms of volume and a <strong>367% <\/strong>rise in value.<\/li><\/ul><ul class=\"wp-block-list\"><li>In Q3 2023, <strong>87%<\/strong>&nbsp; was the off-plan sales transaction share in the total sales transitions value, while <strong>64% <\/strong>was its share during the same period last year.&nbsp;<br><br>It reached <strong>AED<\/strong> <strong>12,713 billion <\/strong>in Q3 2023, compared to <strong>AED 2.72 billion<\/strong> during Q3 2022.&nbsp;<\/li><\/ul><ul class=\"wp-block-list\"><li>The off-plan market witnessed an <strong>184% <\/strong>increase compared to Q2 2023.&nbsp;<\/li><\/ul><h3 class=\"wp-block-heading\"><strong>Existing\/Ready Sales Transactions<\/strong><\/h3><ul class=\"wp-block-list\"><li>In Q3 2023, the existing\/ready market recorded <strong>764 <\/strong>ready properties, compared to <strong>528 <\/strong>in the same period last year.&nbsp;<br><br>This represents about <strong>21% <\/strong>&nbsp;of the total transactions, compared to <strong>34% <\/strong>in Q3 2022, showing a significant rise of <strong>45% <\/strong>in<strong> <\/strong>comparison<strong> <\/strong>to the same time last year.<\/li><\/ul><ul class=\"wp-block-list\"><li>In terms of value, the existing\/ready market&rsquo;s share of the total sales transitions value was <strong>13% <\/strong>&nbsp;in Q3 2023, while it was <strong>36% <\/strong>in Q3 2022.<br><br>It reached <strong>AED 1,873 billion,<\/strong> showing a significant rise of <strong>25%<\/strong>, as it was <strong>AED 1,502 billion <\/strong>during Q3 2022.<\/li><\/ul><figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"800\" height=\"534\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_2354892375-1-800x534.jpg\" alt=\"\" class=\"wp-image-78601\" srcset=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_2354892375-1-800x534.jpg 800w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_2354892375-1-400x267.jpg 400w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_2354892375-1.jpg 1000w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure><h2 class=\"wp-block-heading\"><strong>High-in-Demand Areas for Sale and Rent<\/strong><\/h2><figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Apartments for Sale<\/strong><\/td><td><strong>Villas for Sale<\/strong><\/td><td><meta charset=\"utf-8\"><strong>Apartments for Rent<\/strong><\/td><td><meta charset=\"utf-8\"><strong>Villas for Rent<\/strong><\/td><\/tr><tr><td>Al Reem Island<\/td><td>Yas Island<\/td><td>Al Reem Island<\/td><td>Khalifa City<\/td><\/tr><tr><td>Yas Island<\/td><td>Saadiyat Island<\/td><td>Al Raha Beach<\/td><td>Mohamed Bin Zayed City<\/td><\/tr><tr><td>Al Raha Beach<\/td><td>Al Reef<\/td><td>Khalifa City<\/td><td>Yas Island<\/td><\/tr><tr><td>Saadiyat Island<\/td><td>Khalifa City<\/td><td>Corniche Road<\/td><td>Al Reef<\/td><\/tr><tr><td>Masdar City<\/td><td>Al Reem Island<\/td><td>Al Khalidiya<\/td><td>Saadiyat Island<\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\"><strong>Property Sales Prices in Abu Dhabi<\/strong><\/h2><p>The table below shows the average asking prices for <strong>apartments <\/strong>in Abu Dhabi in Q3 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><strong>Area<\/strong><\/td><\/tr><tr><td><strong>AED 2,050,000<\/strong><\/td><td><strong>AED<\/strong><strong> 1,400,000<\/strong><\/td><td><strong>AED&nbsp; 909,000<\/strong><\/td><td>Al Reem Island<\/td><\/tr><tr><td><strong>AED 1,960,000<\/strong><\/td><td><strong>AED 1,815,000<\/strong><\/td><td><strong>AED 1,000,000<\/strong><\/td><td>Yas Island&nbsp;<\/td><\/tr><tr><td><strong>AED 2,500,000<\/strong><\/td><td><strong>AED 1,750,000<\/strong><\/td><td><strong>AED 1,200,000<\/strong><\/td><td>Al Raha Beach<\/td><\/tr><tr><td><strong>AED <\/strong><strong>7,619,000<\/strong><\/td><td><strong>AED <\/strong><strong>4,792,000<\/strong><\/td><td><strong>AED<\/strong><strong> 2,283,000<\/strong><\/td><td>Saadiyat Island&nbsp;<\/td><\/tr><tr><td><strong>AED <\/strong><strong>1,471,000<\/strong><\/td><td><strong>AED 1,100,000<\/strong><\/td><td><strong>AED <\/strong><strong>754,000<\/strong><\/td><td>Masdar City&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure><p>The table below shows the average asking prices for <strong>villas <\/strong>in Abu Dhabi in Q3 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><strong>Area<\/strong><\/td><\/tr><tr><td><strong>AED 6,800,000<\/strong><\/td><td><strong>AED 5,984,700<\/strong><\/td><td><strong>AED 4,500,000&nbsp; &nbsp; &nbsp; &nbsp; <\/strong><strong><\/strong><\/td><td>Yas Island<\/td><\/tr><tr><td><strong>AED <\/strong><strong>12,867,000<\/strong><\/td><td><strong>AED<\/strong><strong> 9,021,000<\/strong><\/td><td><strong>AED 6,600,000<\/strong><\/td><td>Saadiyat Island&nbsp;<\/td><\/tr><tr><td><strong>AED 2,500,000<\/strong><\/td><td><strong>AED <\/strong><strong>2,239,000<\/strong><\/td><td><strong>AED<\/strong><strong> 1,601,000<\/strong><\/td><td>Al Reef<\/td><\/tr><tr><td><strong>AED 5,300,000<\/strong><\/td><td><strong>AED 4,096,000<\/strong><\/td><td><strong>AED <\/strong><strong>2,940,000<\/strong><\/td><td>Khalifa City<\/td><\/tr><tr><td><strong>NA<\/strong><\/td><td><strong>AED <\/strong><strong>3,494,000<\/strong><\/td><td><strong>AED<\/strong><strong> 3,430,000<\/strong><\/td><td>Al Reem Island<\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\"><strong>Property Rental Prices in Abu Dhabi<\/strong><\/h2><p>The table below shows the average rental prices for <strong>apartments <\/strong>in Abu Dhabi in Q3 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><strong>Area<\/strong><\/td><\/tr><tr><td><strong>AED 130,000<\/strong><\/td><td><strong>AED <\/strong><strong>90,000<\/strong><\/td><td><strong>AED 60,000<\/strong><\/td><td>Al Reem Island<\/td><\/tr><tr><td><strong>AED 150,000<\/strong><\/td><td><strong>AED<\/strong><strong> 109,000<\/strong><\/td><td><strong>AED 60,000<\/strong><\/td><td>Al Raha Beach<\/td><\/tr><tr><td><strong>AED<\/strong><strong> 86,000<\/strong><\/td><td><strong>AED 63,000<\/strong><\/td><td><strong>AED <\/strong><strong>44,000<\/strong><\/td><td>Khalifa City<\/td><\/tr><tr><td><strong>AED 150,000<\/strong><\/td><td><strong>AED 115,000<\/strong><\/td><td><strong>AED 85,000<\/strong><\/td><td>Corniche Road<\/td><\/tr><tr><td><strong>AED 100,000<\/strong><\/td><td><strong>AED 75,000<\/strong><\/td><td><strong>AED 60,000<\/strong><\/td><td>Al Khalidiya&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure><p>The table below shows the average rental prices for <strong>villas <\/strong>in Abu Dhabi in Q3 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><strong>Area<\/strong><\/td><\/tr><tr><td><strong>AED 170,000<\/strong><\/td><td><strong>AED 160,000<\/strong><\/td><td><strong>AED 140,000<\/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 117,500<\/strong><\/td><td>Mohamed Bin Zayed City<\/td><\/tr><tr><td><strong>AED 330,000<\/strong><\/td><td><strong>AED 340,000<\/strong><\/td><td><strong>AED 250,000<\/strong><\/td><td>Yas Island<\/td><\/tr><tr><td><strong>AED 157,500<\/strong><\/td><td><strong>AED <\/strong><strong>140,000<\/strong><\/td><td><strong>AED 105,000<\/strong><\/td><td>Al Reef<\/td><\/tr><tr><td><strong>AED&nbsp; 600,000<\/strong><\/td><td><strong>AED 430,000<\/strong><\/td><td><strong>AED 300,000<\/strong><\/td><td>Saadiyat Island<\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\"><strong>Dubai<\/strong><\/h2><h3 class=\"wp-block-heading\"><strong>Highlights<\/strong><strong><em>&nbsp;<\/em><\/strong><\/h3><ul class=\"wp-block-list\"><li>According to the Dubai Statistics Center&rsquo;s data, the real estate sector in Dubai had a share of <strong>14.1%<\/strong> of the city&rsquo;s GDP in 2022.&nbsp;<\/li><li>With such an increase, the sector records a notable rise of <strong>3.1% <\/strong>compared to the previous year.<\/li><\/ul><figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"800\" height=\"450\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_1917419387-1-800x450.jpg\" alt=\"\" class=\"wp-image-78603\" srcset=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_1917419387-1-800x450.jpg 800w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_1917419387-1-400x225.jpg 400w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_1917419387-1.jpg 1000w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure><h3 class=\"wp-block-heading\"><strong>Volume&nbsp;<\/strong><\/h3><h4 class=\"wp-block-heading\"><strong>Total Sales Transactions<\/strong><\/h4><ul class=\"wp-block-list\"><li>Q3 2023 shows a remarkable record for a quarter over the last decade.<\/li><li>The registered sales reached <strong>36,567<\/strong> transactions in Q3 2023, while during the same period last year, it was <strong>25,381<\/strong>.<br><br>This reflects a recognizable increase of <strong>44.07% <\/strong>YoY, recording the highest performance for a quarter over the last decade.&nbsp;<\/li><\/ul><ul class=\"wp-block-list\"><li>The existing\/ready transactions in Q3 2023 represented <strong>45.01% <\/strong>of the total sales transactions, compared to <strong>53.56% <\/strong>&nbsp;in Q3 2022.&nbsp;<\/li><\/ul><ul class=\"wp-block-list\"><li>For off-plan transactions, it contributed to <strong>54.9%<\/strong> of total sales transactions, while in Q3 2022, it was <strong>46.44%<\/strong>.&nbsp;<\/li><\/ul><h4 class=\"wp-block-heading\"><strong>Off-plan Sales Transactions&nbsp;<\/strong><\/h4><ul class=\"wp-block-list\"><li>The off-plan sales showed a great record by amounting to <strong>20,110 <\/strong>transactions in Q3 2023, while in Q3 2022, it was <strong>11,788, <\/strong>achieving around <strong>70.6% <\/strong>increase. <br><strong>&nbsp;<\/strong><\/li><li>In contribution to total sales transactions, the off-plan transactions share was <strong>55%, <\/strong>recording the highest sales transactions volume for Q3 in a decade.<\/li><\/ul><h4 class=\"wp-block-heading\"><strong>Existing\/Ready Sales Transactions<\/strong><\/h4><ul class=\"wp-block-list\"><li>In Q3 2023, the existing sales reached a new record by achieving <strong>16,457<\/strong> transactions, compared to <strong>13,593<\/strong> in Q3 2022, making it the highest performance recorded for a quarter ever.<\/li><\/ul><ul class=\"wp-block-list\"><li>The ready\/existing transactions record a YoY increase of <strong>21.07%<\/strong>, compared to the same period last year, and <strong>7.22% <\/strong>compared to the existing transactions in Q2 2023.<\/li><\/ul><ul class=\"wp-block-list\"><li>During Q3 2023, the contribution of the existing transactions to the total transactions is<strong> 45%.<\/strong><\/li><\/ul><figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"800\" height=\"504\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_2188781551-1-800x504.jpg\" alt=\"\" class=\"wp-image-78605\" srcset=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_2188781551-1-800x504.jpg 800w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_2188781551-1-400x252.jpg 400w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_2188781551-1.jpg 1000w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure><h2 class=\"wp-block-heading\"><strong>Value<\/strong>&nbsp;<\/h2><h3 class=\"wp-block-heading\"><strong>Total Sales Transactions<\/strong><\/h3><ul class=\"wp-block-list\"><li>In Q3 of 2023, sales transactions hit an all-time quarterly high, reaching <strong>AED 109.27 billion<\/strong>, compared to <strong>AED 69.32 billion<\/strong> in the same period in 2022.<br><\/li><li>The market value of the sales transactions rose by <strong>57.6%<\/strong> compared to Q3 2022, reaching a new increase in the total sales value.<\/li><\/ul><p>This owes to the strong economic growth and the tourism industry, which led to a stable demand for housing despite the instability of the global economy.&nbsp;<\/p><h4 class=\"wp-block-heading\"><strong>Off-plan Sales Transactions&nbsp;<\/strong><\/h4><ul class=\"wp-block-list\"><li>The value of the off-plan sales recorded a significant value with an amount of <strong>AED 47.50 billion <\/strong>transaction in Q3 2023, compared to Q3 2022 with a value of <strong>AED 24.30 billion.&nbsp;<\/strong><br><br>This shows an increase of about <strong>95.45%.<\/strong><\/li><\/ul><ul class=\"wp-block-list\"><li>The off-plan sales contribution was <strong>43%<\/strong> of the total sales transactions value, showing the highest value record for Q3 ever.&nbsp; <strong>&nbsp;<\/strong><\/li><\/ul><h4 class=\"wp-block-heading\"><strong>Existing\/Ready Sales Transactions<\/strong><\/h4><ul class=\"wp-block-list\"><li>The Existing\/Ready sales value hit a new high record of <strong>AED 61.8 billion<\/strong>, in comparison to <strong>AED 45.03 billion<\/strong> in Q3 2022.<\/li><\/ul><ul class=\"wp-block-list\"><li>This shows a notable increase of <strong>37.3%<\/strong> which is the highest transaction value ever for a quarter, achieving an <strong>11.2% <\/strong>increase<strong> <\/strong>from Q2 2023.&nbsp;<\/li><\/ul><h3 class=\"wp-block-heading\"><strong>Total Rental Contracts Q3 2023<\/strong><\/h3><ul class=\"wp-block-list\"><li>The rental market in Dubai is considered a stable one in relation to the international markets.<\/li><li>The rental contracts in Q3 2023 have shown a YoY increase of <strong>11.2%. <\/strong>This is through registering <strong>156,422<\/strong> contracts compared to <strong>140,685<\/strong> in Q3 2022.&nbsp;<\/li><\/ul><ul class=\"wp-block-list\"><li>It was also noticed that the tenant&rsquo;s behavior has changed as they preferred to buy a home instead of renting, which owes to the increase in the average market value for renting.<\/li><li>About&nbsp; <strong>54.2%<\/strong> of the total rental contracts were new contracts and <strong>45.8%<\/strong> were renewals, according to DLD&rsquo;s data for Q3 2023.<\/li><li>During Q3 2023, <strong>69.74%<\/strong> of the total contracts were residential and <strong>29.22%<\/strong> were commercial contracts and others<\/li><\/ul><p>Here are the top 10 areas in terms of contracts volume<\/p><ul class=\"wp-block-list\"><li>Jabal Ali Industrial First<\/li><li>Al Warsan First<\/li><li>Jabal Ali First<\/li><li>Al Mararr<\/li><li>Business Bay<\/li><li>Marsa Dubai<\/li><li>Al Barsha South Fourth<\/li><li>Al Goze Industrial Second<\/li><li>Muhaisanah Second<\/li><li>Naif.<\/li><\/ul><figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"800\" height=\"532\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_1918059161-1-800x532.jpg\" alt=\"\" class=\"wp-image-78607\" srcset=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_1918059161-1-800x532.jpg 800w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_1918059161-1-400x266.jpg 400w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_1918059161-1.jpg 1000w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure><h3 class=\"wp-block-heading\"><strong>New Rental Contracts Volume Q3 2023<\/strong><\/h3><ul class=\"wp-block-list\"><li>The number of new contracts in Q3 2023 is <strong>84,766<\/strong>, reflecting a rise of <strong>2.63%<\/strong> compared to <strong>82,596<\/strong> contracts in Q3 2022.&nbsp;<\/li><li>According to the quarter-on-quarter analysis, Q3 2023 witnessed a recognizable rise of<strong> 20.97%,<\/strong> as the number of registered contracts in Q2 2023 was <strong>70,074.<\/strong><\/li><\/ul><p>Find below the top areas that showed a notable rise in the volume of new contracts.&nbsp;<\/p><ul class=\"wp-block-list\"><li>Hor Al Anz<\/li><li>Al Mararr&nbsp;<\/li><li>Al Goze Third.&nbsp;<\/li><\/ul><h3 class=\"wp-block-heading\"><strong>Renewed Contracts Volume Q3 2023<\/strong><\/h3><ul class=\"wp-block-list\"><li>In Q3 2023, the renewed contracts supported the rental market by registering <strong>71,656 <\/strong>contracts, while in Q3 2022, <strong>58,089 <\/strong>contracts were registered; this shows an increase of <strong>23.36%<\/strong> for Q3 2023.&nbsp;<\/li><\/ul><ul class=\"wp-block-list\"><li>According to the quarter-on-quarter analysis, Q3 2023 witnessed a recognisable rise of<strong> 17%<\/strong> compared to <strong>61,219<\/strong> registered contracts in Q2 2023.<\/li><\/ul><p>Here are the top areas that witnessed a notable increase in the renewed contract volume&nbsp;<\/p><ul class=\"wp-block-list\"><li>Al Barsha South Fourth&nbsp;<\/li><li>Al Goze Industrial Second&nbsp;<\/li><li>Al Karama&nbsp;<\/li><\/ul><h3 class=\"wp-block-heading\"><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>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>Dubai Marina<\/td><td>Dubai Hills Estate<\/td><td>Dubai Marina&nbsp;<\/td><td>Dubai Hills Estate&nbsp;<\/td><\/tr><tr><td>Downtown Dubai<\/td><td>Palm Jumeirah&nbsp;<\/td><td>Jumeirah Village Circle (JVC)<\/td><td>Damac Hills 2<\/td><\/tr><tr><td>Jumeirah Village Circle<\/td><td>Arabian Ranches&nbsp;<\/td><td>Business Bay<\/td><td>Al Barsha&nbsp;<\/td><\/tr><tr><td>Business Bay<\/td><td>Al Fujran<\/td><td>Downtown Dubai&nbsp;<\/td><td>Jumeirah&nbsp;<\/td><\/tr><tr><td>Palm Jumeirah<\/td><td>Damac Hills&nbsp;<\/td><td>Jumeirah Lake Towers (JLT)<\/td><td>Damac Hills&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\"><strong>Property Sales Prices in Dubai<\/strong><\/h3><p>The table below shows the average asking prices for <strong>apartments <\/strong>in Dubai in Q3 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><strong>Area<\/strong><\/td><\/tr><tr><td><strong>AED 3,900,000&nbsp;<\/strong><\/td><td><strong>AED 2,500,000<\/strong><\/td><td><strong>AED 1,545,000<\/strong><\/td><td>Dubai Marina<\/td><\/tr><tr><td><strong>AED <\/strong><strong>6,871,000&nbsp;<\/strong><\/td><td><strong>AED 3,600,000&nbsp;<\/strong><\/td><td><strong>AED 1,950,000<\/strong><\/td><td>Downtown Dubai<\/td><\/tr><tr><td><strong>AED 2,150,000&nbsp;<\/strong><\/td><td><strong>AED 1,450,000&nbsp;&nbsp;<\/strong><\/td><td><strong>AED 850,000<\/strong><\/td><td>Jumeirah Village Circle<\/td><\/tr><tr><td><strong>AED 4,000,000&nbsp;<\/strong><\/td><td><strong>AED 2,650,000&nbsp;<\/strong><\/td><td><strong>AED 1,765,000<\/strong>&nbsp;<\/td><td>Business Bay<\/td><\/tr><tr><td><strong>AED 7,500,000&nbsp;<\/strong><\/td><td><strong>AED 5,200,000&nbsp;<\/strong><\/td><td><strong>AED 3,430,000&nbsp;<\/strong><\/td><td>Palm Jumeirah<\/td><\/tr><\/tbody><\/table><\/figure><p>The table below shows the average asking prices for<strong> villas <\/strong>in Dubai in Q3 2023:<\/p><figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Area<\/strong><\/td><td><em>Three Bedrooms<\/em><\/td><td><em>Four Bedrooms<\/em><\/td><td><em>Five Bedrooms<\/em><\/td><\/tr><tr><td>Dubai Hills Estate<\/td><td><strong>AED<\/strong><strong> 5,847,600<\/strong><\/td><td><strong>AED 5,000,000<\/strong><\/td><td><strong>AED <\/strong><strong>13,062,000<\/strong><\/td><\/tr><tr><td>Palm Jumeirah&nbsp;<\/td><td><strong>AED 11,250,000<\/strong><\/td><td><strong>AED <\/strong><strong>36,072,000<\/strong><\/td><td><strong>AED 38,000,000<\/strong><\/td><\/tr><tr><td>Arabian Ranches&nbsp;<\/td><td><strong>AED 3,895,000<\/strong><\/td><td><strong>AED 6,500,000<\/strong><\/td><td><strong>AED 9,400,000<\/strong><\/td><\/tr><tr><td>Al Fujran<\/td><td><strong>AED 3,000,000<\/strong><\/td><td><strong>AED<\/strong><strong> 3,300,000<\/strong><\/td><td><strong>AED 5,500,000<\/strong><\/td><\/tr><tr><td>Damac Hills&nbsp;<\/td><td><strong>AED 2,950,000<\/strong><\/td><td><strong>AED <\/strong><strong>4,500,000<\/strong><\/td><td><strong>AED <\/strong><strong>8,166,000<\/strong><\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\"><strong>Property Rental Prices in Dubai<\/strong><\/h3><p>The table below shows the average rental prices for apartments in Dubai in Q3 2023:<\/p><figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Area<\/strong><\/td><td><em>One Bedroom<\/em><\/td><td><em>Two Bedrooms<\/em><\/td><td><em>Three Bedrooms<\/em><\/td><\/tr><tr><td>Dubai Marina&nbsp;<\/td><td><strong>AED 105,000<\/strong><\/td><td><strong>AED 165,000<\/strong><\/td><td><strong>AED 275,000<\/strong><\/td><\/tr><tr><td>Jumeirah Village Circle (JVC)<\/td><td><strong>AED 65,000<\/strong><\/td><td><strong>AED 95,000<\/strong><\/td><td><strong>AED <\/strong><strong>160,000<\/strong><\/td><\/tr><tr><td>Business Bay<\/td><td><strong>AED 130,000<\/strong><\/td><td><strong>AED <\/strong><strong>150,000<\/strong><\/td><td><strong>AED 220,000<\/strong><\/td><\/tr><tr><td>Downtown Dubai&nbsp;<\/td><td><strong>AED 90,000<\/strong><\/td><td><strong>AED 220,000<\/strong><\/td><td><strong>AED 350,000<\/strong><\/td><\/tr><tr><td>Jumeirah Lake Towers (JLT)<\/td><td><strong>AED 80,000<\/strong><\/td><td><strong>AED 115,000<\/strong><\/td><td><strong>AED 160,000<\/strong><\/td><\/tr><\/tbody><\/table><\/figure><p>The table below shows the average rental prices for<strong> villas <\/strong>in Dubai in Q3 2023:<\/p><figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Area<\/strong><\/td><td><em>Three Bedrooms<\/em><\/td><td><em>Four Bedrooms<\/em><\/td><td><em>Five Bedrooms<\/em><\/td><\/tr><tr><td>Dubai Hills Estate&nbsp;<\/td><td><strong>AED 330,000<\/strong><\/td><td><strong>AED 280,000<\/strong><\/td><td><strong>AED 415,000<\/strong><\/td><\/tr><tr><td>Damac Hills 2<\/td><td><strong>AED 90,000<\/strong><\/td><td><strong>AED 110,000<\/strong><\/td><td><strong>AED 140,000<\/strong><\/td><\/tr><tr><td>Al Barsha&nbsp;<\/td><td><strong>AED 375,000<\/strong><\/td><td><strong>AED 375,000<\/strong><\/td><td><strong>AED 400,000<\/strong><\/td><\/tr><tr><td>Jumeirah&nbsp;<\/td><td><strong>AED 230,000<\/strong><\/td><td><strong>AED 380,000<\/strong><\/td><td><strong>AED 350,000<\/strong><\/td><\/tr><tr><td>DAMAC Hills&nbsp;<\/td><td><strong>AED 210,000<\/strong><\/td><td><strong>AED 370,000&nbsp;<\/strong><\/td><td><strong>AED 400,000<\/strong><\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\"><strong>Mo&rsquo;asher<\/strong>&nbsp;<\/h2><h3 class=\"wp-block-heading\"><strong>Sales Price Index<\/strong><\/h3><ul class=\"wp-block-list\"><li>During Q3 2023, the overall quarterly Index for sales reached <strong>1.558 <\/strong>while the Index price was <strong>AED 1,432,776.<\/strong><\/li><li>The quarterly sales Index recorded&nbsp;<ul><li><strong>1.679<\/strong> for apartments&nbsp;<\/li><li><strong>1.446<\/strong> for villas\/townhouses<\/li><\/ul><\/li><li>For the quarterly Index price, it reached&nbsp;<ul><li><strong>AED 1,393,949<\/strong> for apartments&nbsp;<\/li><li><strong>AED 2,477,541<\/strong> for villas\/townhouses&nbsp;<\/li><\/ul><\/li><\/ul><p>Accordingly, the Index showed growth across all categories. Considering from Q3 2022 to Q3 2023, YoY for the overall Index rose from<strong> 1.383<\/strong> to <strong>1.558<\/strong>, showing an increase of <strong>12.65%.<\/strong><\/p><ul class=\"wp-block-list\"><li>The growth rate had varying ranges according to the type of units, which is as follows.<ul><li>The apartments had the most significant YoY growth, rising from <strong>1.444 <\/strong>to<strong> 1.679.<\/strong><\/li><li>Villas increased from <strong>1.276<\/strong> to <strong>1.446<\/strong><\/li><\/ul><\/li><\/ul><p>Overall, Q3 2023 continues its positive performance in the real estate market; this is proven by the yearly and quarterly analyses, which show sustained demand and robust performance, especially within the apartment sector.<\/p><figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"800\" height=\"534\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_1931524577-1-800x534.jpg\" alt=\"\" class=\"wp-image-78609\" srcset=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_1931524577-1-800x534.jpg 800w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_1931524577-1-400x267.jpg 400w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/11\/shutterstock_1931524577-1.jpg 1000w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure><h3 class=\"wp-block-heading\"><strong>Rental Performance Index&nbsp;<\/strong><\/h3><ul class=\"wp-block-list\"><li>During Q3 2023, the Rental Performance Index significantly rose in all categories. The overall rental Index reached <strong>1.08,<\/strong> which shows a notable improvement in the leasing environment when compared to the previous quarters.<\/li><\/ul><ul class=\"wp-block-list\"><li>The overall quarterly Index in Q3 2023 reached<strong> 1.08 <\/strong>and <strong>AED<\/strong> <strong>58,036<\/strong> for the Index price.<\/li><li>The quarterly rental Index recorded&nbsp;<ul><li><strong>1.104<\/strong> for apartments&nbsp;<\/li><li><strong>0.969<\/strong> for villas\/townhouses<\/li><\/ul><\/li><\/ul><ul class=\"wp-block-list\"><li>The quarterly rental price reached:&nbsp;<ul><li><strong>AED 53,005<\/strong> for apartments&nbsp;<\/li><li><strong>AED 150,181<\/strong> for villas\/townhouses&nbsp;<\/li><\/ul><\/li><\/ul><ul class=\"wp-block-list\"><li>The apartments segment witnessed a rise with a quarterly rental Index of <strong>1.104, <\/strong>reflecting the high demand or a possibility of a decrease in the available units in the market.&nbsp;<\/li><li>However, the villas segment is slightly behind the apartments; its quarterly rental Index of <strong>0.969<\/strong> shows a positive increase.<\/li><\/ul><p>That&rsquo;s a wrap however, if you want to delve into more insights and information, you can download the full UAE Market Watch report for Q3 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\" href=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2023\/12\/Market-Watch-Dubai-Q3-2023.pdf\" target=\"_blank\">Download Report<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The real estate market in UAE is a dynamic one, and in order to make the best out of its opportunities, you need always to have a closer eye on it.&nbsp; This inclusive and insightful guide will assist you in this; it will walk you through the insights and performance of the UAE real estate&#8230;<\/p>\n","protected":false},"author":30203,"featured_media":78783,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","footnotes":""},"categories":[1231],"tags":[],"class_list":["post-78558","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 Q3 2023<\/title>\n<meta name=\"description\" content=\"Check the latest insights about the real estate market in Dubai and Abu Dhabi through the Market Watch Q3 2023 report.\" \/>\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 Q3 2023: Latest Trends in Abu Dhabi &amp; 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