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Dubai property prices › Month by month › May 2023

The Dubai property market in May 2023

In May 2023 the Dubai Land Department registered 10,131 residential sales worth AED 25.4bn — 80% more than in May 2022, when it registered 5,627, and 85% more by value. Most were homes not yet built: 5,289 off-plan against 4,842 completed. A completed home changed hands at a median AED 1.40M, AED 1,115 a square foot — 8% more a foot than in May 2022.

Sales registered
10,131
+80% on May 2022 (5,627)
Value
AED 25.4bn
+85% on May 2022 (AED 13.7bn)
Off-plan
5,289
52% of the month · 4,842 completed
Completed homes, median
AED 1,115
per sq ft · AED 1.40M a home · +8% on May 2022

The month in its year

May 2023 against the twelve months before it

Residential sales registered, by monthOff-planResale10,131 in May 2023
5,627
10,131
M2022JJASONDJ2023FMAM

10,131 sales in May 2023, against 5,627 in May 2022. Off-plan was 52% of the month, against 44% a year earlier.

Completed homes

What a completed home sold for in May 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
Studio671AED 420K949
1 B/R1,587AED 850K1,093
2 B/R1,080AED 1.73M1,262
3 B/R535AED 2.83M1,248
4 B/R131AED 3.02M1,226
5 B/R15AED 5.00M1,544

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 May to 31 May. The busiest was 15 May: 643 sales, AED 1.7bn.
Off-plan
5,289 sales at a median AED 1,574 a square foot — its own line, never blended into the completed-home medians.
Villas
1,388 of the 10,131, as the register files them. A house sold with its plot is filed as land and is not counted here.
Payment plans
1,289 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 May, 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 Circle1,109754985
Dubai Harbour6456013,329
Business Bay5912411,438
Downtown Dubai4772022,077
Jumeirah Lake Towers4562831,012
Dubai Hills Estate4452921,657
Arjan424370841
Mohammed Bin Rashid City4172251,656
Dubai Marina402231,326
Dubai Creek Harbour (The Lagoons)3421921,832
Town Square291216855
Arabian Ranches 32832591,513
Damac Lagoons23201,322
Palm Jumeirah202751,939
International City18915471
Dearest communityAED/sqftResales
Bluewaters4,53923
Dubai Harbour3,32944
Jumeirah2,91413
Umm Suqeim2,56912
Zabeel2,17935
Downtown Dubai2,077275
Palm Jumeirah1,939127
City Walk1,91421
Bur Dubai1,88524
Dubai Creek Harbour (The Lagoons)1,832150

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 May 2023

The 15 buildings with the most sales registered in May, 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. All 15 sold only off-plan in May.

The record sales

The dearest homes registered in May 2023

The dearest was an AED 122M completed four-bedroom home at BV Residences 3, Jumeirah Bay Island — 12,114 sq ft at AED 10,071 a square foot, registered on 15 May.

RegisteredHomeLayoutSq ftPriceAED/sqftSold
15 May 2023BV Residences 3Jumeirah Bay Island4 B/R12,114AED 122M10,071Completed
15 May 2023Six Senses ResidencesPalm Jumeirah5 B/R26,514AED 105M3,960Off-plan
1 May 2023Private ResidencesJumeirah4 B/R7,180AED 78M10,863Completed
22 May 2023World Islands6 B/R33,601AED 74M2,192Off-plan
22 May 2023World Islands6 B/R32,645AED 71M2,179Off-plan
22 May 2023World Islands6 B/R38,325AED 69M1,808Off-plan
8 May 2023IL PrimoDowntown Dubai6 B/R19,004AED 67M3,499Off-plan
9 May 2023Six Senses ResidencesPalm Jumeirah4 B/R10,467AED 60M5,732Off-plan
9 May 2023BV Residences 6Jumeirah Bay Island3 B/R8,137AED 53M6,483Off-plan
31 May 2023AVA at Palm Jumeirah By OmniyatPalm Jumeirah3 B/R6,294AED 48M7,627Off-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 May 2023, answered

How many properties were sold in Dubai in May 2023?

10,131 residential sales were registered at the Dubai Land Department in May 2023, worth AED 25.4bn: 5,289 off-plan and 4,842 completed homes. That is 80% more than in May 2022, when 5,627 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 May 2023?

The dearest apartment or villa registered was an AED 122M completed four-bedroom home at BV Residences 3, Jumeirah Bay Island — 12,114 sq ft at AED 10,071 a square foot, registered on 15 May. Next came AED 105M at Six Senses Residences, Palm Jumeirah, and AED 78M at Private Residences, 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 May 2023?

Jumeirah Village Circle, with 1,109 registered sales, 754 of them off-plan; then Dubai Harbour (645) and Business Bay (591). The dearest, by the median price of a square foot of completed home, was Bluewaters at AED 4,539 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 31 May 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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