Savills – Dubai Property Market Report, 2023

The residential sector in Dubai experienced a record-breaking year in 2023, with transaction activity reaching an all-time high of 118,200 units, a 29% increase from the previous year. The market has shown consistent growth since 2021, with under-construction properties dominating demand and off-plan units accounting for 55% of total sales. The South East sub-markets were particularly popular, with locations like Jumeirah Village Circle, Dubai Sports City, and Arabian Ranches seeing high transaction activity. Apartments remained the most transacted property type, with off-plan projects driving demand. In terms of villas and townhouses, locations like Damac Lagoons and Arabian Ranches 3 were popular, with ready sales accounting for 55% of transactions. The shift towards secondary transactions was noted in core locations like Downtown Dubai and Dubai Marina. Overall, Dubai has sustained growth in demand, making it one of the few global cities to do so post-COVID-19 restrictions.