In March 2023, The property market in Dubai is having continuous growth with a high record of transaction volumes of around 11597, as per the latest report. The report states that these numbers are the highest monthly count ever recorded by the Emirates. And this made marking a growth rate of around 47.3% compared to last year.
Over to this, the recorded total transaction volume of the first quarter of 2023 is also the highest ever registered with a count of 29,323.
Even after a rise in property prices, the average residential price in Dubai have taken a growth by 12.8% in the year. And the increase in average apartment & villa prices was around 12.4% & 14.8% for the same period.
Considering March 2023, the average apartment price in Dubai was 1234 dirhams i.e. USD 336 per sq. ft. And the average villa prices in Dubai were around 1455 dirhams per sq. ft. Whereas, the report stated that the average apartment sales rates stood at 17.1%, this is below the high recorded in 2014 but this is not the same for some of the prime locations of Dubai.
The average residential rent in Dubai has also taken growth by 26.3% YoY till March 2023. And the average rent of apartments & villas is also taken growth by 26.3% & 26.2%. Considering March 2023, the average yearly rent of apartments & villas has reached 101,044 dirhams & 300984 dirhams.
