Q4 2023

Dubai Real Estate Market Report

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Welcome to the esteemed quarterly report from Morgan’s International Realty, your indispensable resource for navigating Dubai's property market. As you explore the pages of this report, you will discover an abundance of carefully curated data, insights, and expert analysis gathered from a comprehensive network of reliable sources. This report provides a wide-ranging view of market performance, pricing trends, in-demand communities, and numerous other essential factors influencing the property landscape. We invite you to immerse yourself in this wealth of information, equipping you with the knowledge to make well- informed decisions in the ever-evolving Dubai property market. Our team of world-renowned consultants stands ready to serve you, offering unparalleled expertise and guidance to ensure your success in this vibrant sector.

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Welcome to the Dubai Real Estate Market Analysis for Q4 2023. Get valuable insights into Dubai's thriving real estate market by downloading the full report.

HIGHLIGHTS

Record-Breaking Quarter: Q4 saw 31,920 transactions worth 147 billion AED, setting new records.

Sales Soar: Sales surged by 18% QoQ and 26% YoY, reflecting market strength.

Price Records Smashed: Property prices hit 1,640 AED per sq. ft., affirming Dubai's global investment allure.

Cash & Mortgages Rise: Cash transactions grew by 19% QoQ, mortgages by 8%, driven by foreign investments and rental incentives.

Primary Market Thrives: Transactions increased by 22% QoQ and YoY, meeting demand.

Luxury Segment Booms: Luxury property transactions jumped by 31% QoQ and an impressive 95% YoY.

Palm Success: Palm Jabal Ali attracted 14 billion AED, while Palm Jumeirah set records with a 500 million AED penthouse sale.

Commercial Sector Resilience: Despite a 5% QoQ drop, commercial properties remained 61% higher YoY.

Bulgari Residences & Palm Villas: Bulgari Residences led luxury apartments, and Palm Jumeirah villas remained top choices.

Robust Rentals: Apartments yielded 7.25%, villas and townhouses remained stable at 5.26%.

Supply & Demand Balance: 37,000 units delivered in 2023 matched the 5-year average, with 55,000 units launched, the highest since 2015.

2024 Outlook: Expect 64,000 units in 2024, with Jumeirah Village Circle leading in units under construction.

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