Results 2023 | Dubai | Residential market
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Results 2023 | Dubai | Residential market
21 февраля 2024
The demand for residential real estate in Dubai remains high. Buyers are primarily interested in off-plan housing assets in the primary market due to the availability of interest-free installments and the prospect of maximizing returns from the asset appreciation in the future.

A big boom in 2023 was caused by the launching of projects with luxury brands. Examples of projects announced for 2023 are Armani Beach Residence, DAMAC Bay 2 by Cavalli, Mercedes-Benz Places.

In 2023, there was a moderate decline in off-plan sales volume in the primary housing market. The market is going through a natural correction after a boom in buying activity in 2022. In addition, demand is now partly going to other emirates such as Abu Dhabi and Ras Al Khaimah.

Commissioned in 2023 were 35.1 thousand units, with apartments accounting for 85% and villas for the rest 15%. The commissioned space increased by 23% compared to 2022 due to new projects that got started quite vigorously. Another 190.8 thousand units are expected to be commissioned by the end of 2027.

Housing prices are rising (+20% for primary offplan residential housing versus 2022), and rents are rising in direct proportion. The average rental price has increased by 22-23% compared to 2022. As a consequence, the number of new leases is decreasing, whereas the number of renewals of existing leases is increasing.
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