Analytical review of the residential real estate market in the UAE

In the 3rd quarter of 2023, 31.4 thousand transactions were concluded in the Dubai market (+23% compared to the same period last year), the total volume of transactions amounted to about 100 billion AED;

·         Apartments in the 3rd quarter in Dubai were sold 3 times more than villas (12.6 thousand transactions and 4.1 thousand transactions, respectively);

·         The cost of 1 sq. m. The number of apartments on the primary market in the 3rd quarter of 2023 decreased by 1% over the year and amounted to 19.6 thousand AED, and the unit price of villas and townhouses increased by 20% over the year, amounting to 12.2 thousand. AED per 1 sq. m.;

· In the 3rd quarter, 48 new projects entered the Dubai market, Nautica, Damac Casa Tower and Central Park Plaza became one of the key ones;

·         The most sought-after areas in the market of new buildings with apartments in the 3rd quarter of 2023: Jumeirah Village Circle, Dubai Marina, Business Bay, Dubai Creek Harbour;

·         The most sought-after areas in the primary villa and townhouse market were mainly concentrated in the locations of Damac Lagoons, Arabian Ranches III, The Valley, Damac Hills 2, Mudon projects.

Residential real estate in Abu Dhabi

· In the 3rd quarter of 2023, 3.6 thousand transactions were concluded in the Abu Dhabi market (+93% compared to the same period last year), the total volume of transactions amounted to about 13.8 billion AED;

·         The share of the primary market was about 80%: 2.8 thousand transactions worth 11.8 billion AED;

·         Apartments in the 3rd quarter in Abu Dhabi were sold almost 2 times less than villas, but the market of villas, duplexes and townhouses prevails in terms of transactions: 10.2 billion AED and 1.6 billion AED, respectively);

·         The average budget of apartments at the end of September 2023 amounted to 1.5 million AED, a year-on-year decrease of 12%, the average budget of villas and townhouses amounted to 5.9 million AED (+74% compared to the same period in 2022);

· In the 3rd quarter, about 10 new projects entered the Abu Dhabi market, in particular: Gardenia Bay, Murjan Al Saadiyat, Perla 3, Vista 3.

Residential real estate in Ras Al Khaimah

· In the 3rd quarter of 2023, 718 transactions were concluded in the Ras al Khaimah market (+29% compared to the same period last year), the total volume of transactions amounted to more than 1 billion AED;

·         Apartments in the 3rd quarter of 2023 in Ras al Khaimah were sold almost 4 times more than villas, however, in terms of transactions, the market for villas, duplexes and townhouses is on a par with the apartment market: 157 million AED and 160 million AED, respectively;

·         The average budget of apartments in this emirate at the end of September 2023 amounted to 496 thousand AED, and the average budget of villas and townhouses amounted to 1.7 million AED;

· In the 3rd quarter, about 5 new projects entered the Ras al Khaimah market, including: Cape Hayat, Porto Playa, Danah Bay;

The most popular areas in the emirate for buying a home are Al Marjan, Al Hamra and Hayat Island.