Median Prices
in AUGUST
Apartments
Townhouses
Villas
Market
highlights
- Capital values continue to rise
- Almost reaching 2% m-o-m appreciation
- Prices are just 1.4% below the previous market peak
- Transaction volumes achieve an all-time high for August
- Year-to-date sales showing a remarkable 42% year-on-year increase
- Off-plan sales reach their highest market share since the start of the pandemic
- Rental yields hold steady in the mid-6% range
The
numbers
- +1.97% MoM change
- +5.43% QoQ change
- +18.57% YoY change
- AED 1,216 average price per sq.ft.
- 12,134 monthly transactions
- 6.74% average gross rental yield
- AED 209 million highest recorded sale
- AED 100,000 lowest recorded sale
Dynamic Price Index
No Data Found
DPI MONTHLY
OVERVIEW
Total sales transactions surged by 8.1% month-on-month, hitting a record high of 12,134 sales in August. Residential transactions dominated, comprising 91.1% (11,053 sales), while hotel apartments (4.1%), office spaces (2.1%), and land sales (1.9%) led the commercial sector, according to the latest PM data.
Year-to-date, there were 85,060 transactions, marking a 41.9% increase from last year and a remarkable 125.4% surge from 2021. Monthly transactions in 2023 are outpacing previous records, potentially surpassing the 2009 annual record. Projections indicate over 120,000 sales by year-end, with the 2009 record possibly surpassed next month, giving an entire quarter for potential growth.
Off-plan transaction levels now represent their biggest market share in 3 years – since construction was affected by Covid. In August, we saw a significant uptick with 7,085 off-plan Oqood transactions, surging by 35% compared to the previous month and a remarkable 60.6% year-on-year. Currently, Oqood transactions make up 58.4% of the market, while Title Deed sales declined to 41.6%.
MONTH
INDEX VALUE
MOM CHANGE
QOQ CHANGE
YOY CHANGE
INDEX PRICE
Aug 2023
Jul 2023
Jun 2023
May 2023
Apr 2023
Mar 2023
Feb 2023
Jan 2023
Dec 2022
Nov 2022
Oct 2022
Sep 2022
Aug 2022
HISTORICAL TRANSACTIONS - completion status
No Data Found
HISTORICAL TRANSACTIONS - sales recurrence
No Data Found
august
2023
No Data Found
PRICE
TIERS
The AED 3 million to AED 5 million tier emerged as the standout performer, growing by 4.5% and reaching a total market share of 16.7%. This growth can be attributed to the success of two distinct projects: Rivana in The Valley, which achieved impressive sales in the high-end townhouse category at AED 984 per sq ft, and Bayview at Emaar Beachfront, where ultra-luxury apartment sales averaged AED 5,272 per sq ft. Conversely, the AED 10 million and above tier, which had reached an all-time high the previous month, decreased by 2.9%, falling to 2.5%.
PRICE TIERS
MONTHLY COMPARISON
When categorising the nine individual price tiers into three primary groups, investors can ascertain properties valued between AED 1 million and AED 3 million, representing the mid-tier, continue to account for the largest market share at 47% – a 3.6% m-o-m growth. The low-price tiers, featuring properties below AED 1 million, now constitute 29.3% of the market, marking a 2.8% decline from July. The top end of the market contracted 0.8% after July’s gains, falling back to represent a 23.7% market share.
JULY 2023
JULY 2023
MOM CHANGE
<500K
<500K
750K-1M
1M-1.5M
1.5M-2M
2M-3M
3M-5M
5M-10M
10M+
SPEAK TO AN
INVESTMENT
CONSULTANT
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