Dubai's off-plan property market in October 2023: 54% fewer transactions
The Tranio team continues to analyse statistics on off-plan property deals based on data from the Dubai Land Department. The number of transactions is decreasing.
In October 2023, buyers completed 2,253 property transactions during the construction phase which is 54% less than the same period in 2022 (4,918 transactions). Compared to the previous month, the number of transactions decreased by 34%.
The total value of off-plan properties sold in October was estimated at 2.9 billion US dollars, down 5.7% year-on-year and 9% higher than in September 2023.
The price per square metre in October averaged 5,091 dollars. In October last year, a square metre was sold for 5,586 dollars, which is 8.9% more expensive.