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Dubai property prices › Month by month › January 2023

The Dubai property market in January 2023

In January 2023 the Dubai Land Department registered 8,447 residential sales worth AED 20.9bn — 79% more than in January 2022, when it registered 4,727, and 103% more by value. Most were homes not yet built: 4,676 off-plan against 3,771 completed. A completed home changed hands at a median AED 1.68M, AED 1,137 a square foot — 8% more a foot than in January 2022.

Sales registered
8,447
+79% on January 2022 (4,727)
Value
AED 20.9bn
+103% on January 2022 (AED 10.3bn)
Off-plan
4,676
55% of the month · 3,771 completed
Completed homes, median
AED 1,137
per sq ft · AED 1.68M a home · +8% on January 2022

The month in its year

January 2023 against the twelve months before it

Residential sales registered, by monthOff-planResale8,447 in January 2023
4,727
8,447
J2022FMAMJJASONDJ2023

8,447 sales in January 2023, against 4,727 in January 2022. Off-plan was 55% of the month, against 52% a year earlier.

Completed homes

What a completed home sold for in January 2023

Resales of completed homes, by layout — a layout prints at ten sales. Off-plan is kept out: a launch price is a developer’s schedule, not a market, and the month’s off-plan sales have their own line beside the table.

LayoutSalesMedian priceAED/sqft
Studio486AED 380K849
1 B/R1,094AED 914K1,141
2 B/R753AED 1.81M1,321
3 B/R401AED 2.78M1,151
4 B/R121AED 3.05M1,023

Medians of what buyers paid at transfer, never an asking price. Each is a month’s sales, so a layout’s figure moves with which buildings happened to sell as well as with prices; the year-long reading of the same register is on Dubai property prices.

Registration days
22, 2 January to 31 January. The busiest was 30 January: 535 sales, AED 1.1bn.
Off-plan
4,676 sales at a median AED 1,818 a square foot — its own line, never blended into the completed-home medians.
Villas
958 of the 8,447, as the register files them. A house sold with its plot is filed as land and is not counted here.
Payment plans
1,590 registered under the Land Department’s payment-plan and delayed-sale procedures.

Where the sales were

The busiest communities, and the dearest

The communities with the most sales registered in January, launches and resales together; beside them the dearest, by the median price of a square foot of completed home at ten resales or more.

Busiest communitySalesOff-planCompleted AED/sqft
Business Bay8486011,591
Mohammed Bin Rashid City6135511,542
Jumeirah Village Circle601389914
Dubai Creek Harbour (The Lagoons)5744881,740
Damac Lagoons53301,226
Downtown Dubai3682311,916
Town Square357312845
Dubai Hills Estate3492311,638
Damac Hills282841,151
Dubai Marina273321,474
Jumeirah Lake Towers2421631,009
Umm Suqeim2272172,360
Palm Jumeirah2221231,764
Dubai Silicon Oasis16967679
Bur Dubai13201,688
Dearest communityAED/sqftResales
Bluewaters3,72010
Dubai Harbour3,25613
Jumeirah2,57926
Umm Suqeim2,36010
Zabeel2,14926
Downtown Dubai1,916137
Al Barari1,89211
City Walk1,84314
Palm Jumeirah1,76499
Dubai Creek Harbour (The Lagoons)1,74086

A community counts the sales of every building and villa project in it that has a page here. A sale the register files where we have no page — a plot, a tower not yet placed — is in the month’s total and in neither table. The busiest table’s price is completed homes only, so a community that sold nothing but launches has none; the dearest table ranks completed homes alone.

Buildings

The busiest towers in January 2023

The 15 buildings with the most sales registered in January, each linking its own recorded history.

Every sale the tower registered in the month. The price is its median a square foot where it sold one kind of home — off-plan or completed — and a dash where it sold both, because the two are never averaged together.

The record sales

The dearest homes registered in January 2023

The dearest was an AED 133M off-plan five-bedroom home at Bulgari Lighthouse, Jumeirah — 11,655 sq ft at AED 11,425 a square foot, registered on 6 January.

RegisteredHomeLayoutSq ftPriceAED/sqftSold
6 Jan 2023Bulgari LighthouseJumeirah5 B/R11,655AED 133M11,425Off-plan
6 Jan 2023Bulgari LighthouseJumeirah5 B/R11,655AED 127M10,888Off-plan
5 Jan 2023Bulgari LighthouseJumeirah5 B/R11,657AED 119M10,209Off-plan
11 Jan 2023Bulgari LighthouseJumeirah5 B/R11,655AED 116M9,953Off-plan
6 Jan 2023Bulgari LighthouseJumeirah4 B/R6,439AED 78M12,044Off-plan
4 Jan 2023Bulgari LighthouseJumeirah4 B/R6,439AED 75M11,601Off-plan
19 Jan 2023Bulgari LighthouseJumeirah4 B/R6,475AED 73M11,336Off-plan
20 Jan 2023One CanalAl Wasl6 B/R20,150AED 73M3,600Off-plan
16 Jan 2023Bulgari LighthouseJumeirah4 B/R6,439AED 72M11,158Off-plan
16 Jan 2023Bulgari LighthouseJumeirah4 B/R6,475AED 69M10,579Off-plan

Apartments and villas as the register files them. A house registered with its plot is filed as land, so a mansion can be missing here; it is read apart, with every year’s record since 2015, on the most expensive homes sold in Dubai. A home with no page here is named by the Land Department’s area.

Questions people ask

The Dubai property market in January 2023, answered

How many properties were sold in Dubai in January 2023?

8,447 residential sales were registered at the Dubai Land Department in January 2023, worth AED 20.9bn: 4,676 off-plan and 3,771 completed homes. That is 79% more than in January 2022, when 4,727 were registered. The count is of transfers the Land Department registered in the month; mortgage registrations, gifts, lease-to-own conversions, developers' own filings and transfers recorded at a fraction of what a home sells for are left out, because none of them is a price a buyer paid.

What was the most expensive home sold in Dubai in January 2023?

The dearest apartment or villa registered was an AED 133M off-plan five-bedroom home at Bulgari Lighthouse, Jumeirah — 11,655 sq ft at AED 11,425 a square foot, registered on 6 January. Next came AED 127M at Bulgari Lighthouse, Jumeirah, and AED 119M at Bulgari Lighthouse, Jumeirah. A house registered with its plot is filed as land rather than as a villa, so it is read apart, on the page for the most expensive homes sold in Dubai.

Which area of Dubai had the most property sales in January 2023?

Business Bay, with 848 registered sales, 601 of them off-plan; then Mohammed Bin Rashid City (613) and Jumeirah Village Circle (601). The dearest, by the median price of a square foot of completed home, was Bluewaters at AED 3,720 across 10 resales. A community counts every building and villa project in it that has a page here.

The same register read as a year rather than a month: what every community and building sells for now is Dubai property prices, and how far prices have moved since 2020 is the Dubai property price index. Rents are read from the Ejari register as a year, with a new lease kept apart from a renewal, on Dubai rent prices.

Where these numbers come from. Every figure on this page is drawn from the Dubai Land Department’s transaction register, read directly from the Dubai Data Exchange. It is what buyers actually paid, recorded at transfer — not asking prices, not valuations, not our own estimates. Mortgage registrations, gift transfers, rent-to-own contracts and developers’ own filings are all excluded; none of them is a price a buyer paid. Medians are used rather than averages so one unusual sale cannot move the number. Data through 31 Jan 2023.

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What is yours worth this month?

We read this register every day. Tell us the building and the unit and we will tell you what the last comparable sold for, and what this month's sales say about yours.

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