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Dubai property prices › Month by month › March 2023

The Dubai property market in March 2023

In March 2023 the Dubai Land Department registered 10,422 residential sales worth AED 24.5bn — 52% more than in March 2022, when it registered 6,854, and 55% more by value. Most were homes not yet built: 5,886 off-plan against 4,536 completed. A completed home changed hands at a median AED 1.48M, AED 1,111 a square foot — 3% more a foot than in March 2022.

Sales registered
10,422
+52% on March 2022 (6,854)
Value
AED 24.5bn
+55% on March 2022 (AED 15.8bn)
Off-plan
5,886
56% of the month · 4,536 completed
Completed homes, median
AED 1,111
per sq ft · AED 1.48M a home · +3% on March 2022

The month in its year

March 2023 against the twelve months before it

Residential sales registered, by monthOff-planResale10,422 in March 2023
6,854
10,422
M2022AMJJASONDJ2023FM

10,422 sales in March 2023 — more than any month since January 2009, against 6,854 in March 2022. Off-plan was 56% of the month, against 43% a year earlier.

Completed homes

What a completed home sold for in March 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
Studio672AED 400K903
1 B/R1,339AED 796K1,001
2 B/R1,036AED 1.87M1,345
3 B/R487AED 2.60M1,193
4 B/R127AED 3.27M1,197
5 B/R16AED 5.50M1,347

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
23, 1 March to 31 March. The busiest was 20 March: 649 sales, AED 1.3bn.
Off-plan
5,886 sales at a median AED 1,449 a square foot — its own line, never blended into the completed-home medians.
Villas
1,370 of the 10,422, as the register files them. A house sold with its plot is filed as land and is not counted here.
Payment plans
1,377 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 March, 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 Circle1,5251,074858
Dubai Creek Harbour (The Lagoons)7606321,790
Business Bay7074451,508
Dubai Hills Estate5293941,687
Mohammed Bin Rashid City4563661,613
Damac Lagoons40401,243
Arjan398317777
Dubai Marina390701,470
Jumeirah Lake Towers331183993
Downtown Dubai2861422,080
Town Square249203809
Arabian Ranches 32472251,463
The Valley247245611
Bluewaters2302144,451
International City22544465
Dearest communityAED/sqftResales
Bluewaters4,45116
Dubai Harbour3,26121
Jumeirah2,74829
Zabeel2,23130
Downtown Dubai2,080144
City Walk1,88120
Palm Jumeirah1,836142
Maritime City1,80715
Dubai Creek Harbour (The Lagoons)1,790128
Bur Dubai1,753124

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 March 2023

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

The dearest was an AED 111M off-plan five-bedroom home at Bulgari Lighthouse, Jumeirah — 11,657 sq ft at AED 9,500 a square foot, registered on 6 March.

RegisteredHomeLayoutSq ftPriceAED/sqftSold
6 Mar 2023Bulgari LighthouseJumeirah5 B/R11,657AED 111M9,500Off-plan
31 Mar 2023Emerald Palace Kempinski HotelPalm Jumeirah4 B/R11,810AED 82M6,943Completed
16 Mar 2023Bulgari LighthouseJumeirah4 B/R6,439AED 80M12,479Off-plan
8 Mar 2023Orla by OmniyatPalm Jumeirah4 B/R10,128AED 65M6,445Off-plan
6 Mar 2023BV Residences 4Jumeirah Bay Island4 B/R6,550AED 65M9,923Completed
16 Mar 2023Bulgari LighthouseJumeirah4 B/R6,439AED 64M9,978Off-plan
29 Mar 2023Orla by OmniyatPalm Jumeirah4 B/R7,860AED 57M7,264Off-plan
30 Mar 2023Atlantis The Royal ResidencesPalm Jumeirah5 B/R6,239AED 55M8,815Completed
27 Mar 2023Bluewaters Bay Building 1Bluewaters5 B/R6,878AED 52M7,546Off-plan
28 Mar 2023Five Luxe JBRJumeirah Beach Residence6 B/R13,821AED 50M3,618Off-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 March 2023, answered

How many properties were sold in Dubai in March 2023?

10,422 residential sales were registered at the Dubai Land Department in March 2023, worth AED 24.5bn: 5,886 off-plan and 4,536 completed homes. That is 52% more than in March 2022, when 6,854 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 March 2023?

The dearest apartment or villa registered was an AED 111M off-plan five-bedroom home at Bulgari Lighthouse, Jumeirah — 11,657 sq ft at AED 9,500 a square foot, registered on 6 March. Next came AED 82M at Emerald Palace Kempinski Hotel, Palm Jumeirah, and AED 80M 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 March 2023?

Jumeirah Village Circle, with 1,525 registered sales, 1,074 of them off-plan; then Dubai Creek Harbour (The Lagoons) (760) and Business Bay (707). The dearest, by the median price of a square foot of completed home, was Bluewaters at AED 4,451 across 16 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 Mar 2023.

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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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