Dubai off-plan property market: analytics for April 2023

Dubai’s property market analytics showed a significant 38% drop in the number of transactions in April. This is due to the start of Ramadan which influences investors’ decisions, especially in the Gulf, Pakistan and other Muslim countries. The decline in investments is a seasonal phenomenon and indicates that the growth of Dubai’s real estate market is not only related to Russian capital but also to the fundamentals of global demand for the region. Experts expect a further decrease of spontaneous property deals, more reasonable decision-making, as well as a planned development of the market.

Tranio experts reviewed data on property transactions in April of 2023 released by Dubai Land Department.

According to the department, 4,287 off-plan residential properties were registered in Dubai in April 2023. Compared to April last year, the number of transactions has increased by 24%.

The total value of off-plan residential properties in Dubai in April is estimated at almost 2.5 billion US dollars, which is an increase of 38% compared to the same period in 2022.

The average price per square metre in new buildings in Dubai reached 4,706 US dollars last month. In April 2022, the price per metre amounted to 5,089 dollars, which is 7.5% more than the current figure.

Author: Julia Naymushina