McCone Properties
WhatsApp
Menu

Dubai property prices › Month by month › February 2023

The Dubai property market in February 2023

In February 2023 the Dubai Land Department registered 8,210 residential sales worth AED 20.6bn — 60% more than in February 2022, when it registered 5,142, and 92% more by value. Most were homes not yet built: 4,640 off-plan against 3,570 completed. A completed home changed hands at a median AED 1.60M, AED 1,103 a square foot — 10% more a foot than in February 2022.

Sales registered
8,210
+60% on February 2022 (5,142)
Value
AED 20.6bn
+92% on February 2022 (AED 10.7bn)
Off-plan
4,640
57% of the month · 3,570 completed
Completed homes, median
AED 1,103
per sq ft · AED 1.60M a home · +10% on February 2022

The month in its year

February 2023 against the twelve months before it

Residential sales registered, by monthOff-planResale8,210 in February 2023
5,142
8,210
F2022MAMJJASONDJ2023F

8,210 sales in February 2023, against 5,142 in February 2022. Off-plan was 57% of the month, against 45% a year earlier.

Completed homes

What a completed home sold for in February 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
Studio517AED 390K858
1 B/R992AED 850K1,086
2 B/R749AED 1.80M1,267
3 B/R344AED 2.65M1,218
4 B/R103AED 3.00M979
5 B/R11AED 5.50M1,324

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
20, 1 February to 28 February. The busiest was 13 February: 630 sales, AED 1.1bn.
Off-plan
4,640 sales at a median AED 1,347 a square foot — its own line, never blended into the completed-home medians.
Villas
1,205 of the 8,210, as the register files them. A house sold with its plot is filed as land and is not counted here.
Payment plans
1,218 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 February, 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
Jumeirah Village Circle948743907
Business Bay6484191,531
Town Square428402822
Damac Lagoons42501,226
Dubai Science Park419412865
Dubai Creek Harbour (The Lagoons)3612911,729
Mohammed Bin Rashid City3542691,572
Dubai Marina320441,379
Arabian Ranches 33022831,445
Downtown Dubai2551392,011
Arjan252202985
International City24684464
Damac Hills158581,055
Bluewaters1531304,484
Jumeirah Lake Towers148561,019
Dearest communityAED/sqftResales
Bluewaters4,48423
Dubai Harbour4,00816
Umm Suqeim2,88610
Jumeirah2,55714
Zabeel2,14533
Palm Jumeirah2,01684
Downtown Dubai2,011116
City Walk1,77010
Dubai Creek Harbour (The Lagoons)1,72970
Bur Dubai1,70681

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 February 2023

The 15 buildings with the most sales registered in February, 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 February 2023

The dearest was an AED 410M off-plan nine-bedroom home at Bulgari Lighthouse, Jumeirah — 38,970 sq ft at AED 10,521 a square foot, registered on 14 February.

RegisteredHomeLayoutSq ftPriceAED/sqftSold
14 Feb 2023Bulgari LighthouseJumeirah9 B/R38,970AED 410M10,521Off-plan
9 Feb 2023Emirates Golf Club VillasEmirates Golf Club7 B/R26,033AED 183M7,030Completed
16 Feb 2023Bulgari LighthouseJumeirah5 B/R11,657AED 160M13,752Off-plan
6 Feb 2023Al Wasl4 B/R19,784AED 119M6,000Off-plan
9 Feb 2023Al Wasl5 B/R19,550AED 117M6,000Off-plan
9 Feb 2023Al Wasl4 B/R16,194AED 97M6,000Off-plan
14 Feb 2023Bulgari LighthouseJumeirah4 B/R6,475AED 82M12,648Off-plan
17 Feb 2023Bulgari LighthouseJumeirah4 B/R6,475AED 79M12,216Off-plan
16 Feb 2023Bulgari LighthouseJumeirah4 B/R6,475AED 76M11,776Off-plan
14 Feb 2023Bulgari LighthouseJumeirah4 B/R6,439AED 67M10,405Off-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 February 2023, answered

How many properties were sold in Dubai in February 2023?

8,210 residential sales were registered at the Dubai Land Department in February 2023, worth AED 20.6bn: 4,640 off-plan and 3,570 completed homes. That is 60% more than in February 2022, when 5,142 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 February 2023?

The dearest apartment or villa registered was an AED 410M off-plan nine-bedroom home at Bulgari Lighthouse, Jumeirah — 38,970 sq ft at AED 10,521 a square foot, registered on 14 February. Next came AED 183M at Emirates Golf Club Villas, Emirates Golf Club, and AED 160M 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 February 2023?

Jumeirah Village Circle, with 948 registered sales, 743 of them off-plan; then Business Bay (648) and Town Square (428). The dearest, by the median price of a square foot of completed home, was Bluewaters at AED 4,484 across 23 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 28 Feb 2023.

Talk to us

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.

WhatsAppCall

No mailing lists. One person calls you back. Privacy policy