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Dubai property prices › Month by month › July 2023

The Dubai property market in July 2023

In July 2023 the Dubai Land Department registered 9,844 residential sales worth AED 30.3bn — 64% more than in July 2022, when it registered 6,020, and 127% more by value. Most were homes not yet built: 4,969 off-plan against 4,875 completed. A completed home changed hands at a median AED 1.75M, AED 1,200 a square foot — 13% more a foot than in July 2022.

Sales registered
9,844
+64% on July 2022 (6,020)
Value
AED 30.3bn
+127% on July 2022 (AED 13.3bn)
Off-plan
4,969
50% of the month · 4,875 completed
Completed homes, median
AED 1,200
per sq ft · AED 1.75M a home · +13% on July 2022

The month in its year

July 2023 against the twelve months before it

Residential sales registered, by monthOff-planResale9,844 in July 2023
6,020
9,844
J2022ASONDJ2023FMAMJJ

9,844 sales in July 2023, against 6,020 in July 2022. Off-plan was 50% of the month, against 47% a year earlier.

Completed homes

What a completed home sold for in July 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
Studio546AED 425K941
1 B/R1,235AED 850K1,100
2 B/R856AED 1.71M1,203
3 B/R487AED 2.71M1,249
4 B/R144AED 3.49M1,274

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
21, 3 July to 31 July. The busiest was 17 July: 748 sales, AED 2.8bn.
Off-plan
4,969 sales at a median AED 1,717 a square foot — its own line, never blended into the completed-home medians.
Villas
1,157 of the 9,844, as the register files them. A house sold with its plot is filed as land and is not counted here.
Payment plans
1,979 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 July, 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
Mohammed Bin Rashid City1,1955001,561
Jumeirah Village Circle830555988
Jumeirah Lake Towers5774601,117
Dubai Creek Harbour (The Lagoons)4763671,862
Business Bay4762231,726
Arjan447357701
Damac Lagoons43701,593
Meydan3192841,451
Dubai Hills Estate3091971,775
Downtown Dubai286922,000
Dubai Harbour2802583,666
Damac Hills 22660820
Dubai Land Residence Complex256211650
Dubai Marina232141,319
Arabian Ranches 32041831,445
Dearest communityAED/sqftResales
Dubai Harbour3,66622
Jumeirah2,62313
Zabeel2,30243
Downtown Dubai2,000194
City Walk1,91923
Palm Jumeirah1,90784
Bur Dubai1,88735
Dubai Creek Harbour (The Lagoons)1,862109
Dubai Hills Estate1,775112
Tilal Al Ghaf1,73722

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 July 2023

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

The dearest was an AED 420M off-plan five-bedroom home in the Land Department's Um Suqaim Third area — 27,143 sq ft at AED 15,473 a square foot, registered on 6 July.

RegisteredHomeLayoutSq ftPriceAED/sqftSold
6 Jul 2023Um Suqaim Third5 B/R27,143AED 420M15,473Off-plan
13 Jul 2023Six Senses ResidencesPalm Jumeirah5 B/R26,514AED 116M4,375Off-plan
13 Jul 2023Como ResidencesPalm Jumeirah5 B/R11,716AED 71M6,081Off-plan
28 Jul 2023World Islands6 B/R26,439AED 68M2,577Off-plan
11 Jul 2023Bulgari LighthouseJumeirah4 B/R6,475AED 64M9,876Off-plan
14 Jul 2023Como ResidencesPalm Jumeirah4 B/R11,107AED 64M5,745Off-plan
11 Jul 2023Bulgari LighthouseJumeirah4 B/R6,475AED 64M9,838Off-plan
13 Jul 2023Como ResidencesPalm Jumeirah4 B/R11,003AED 63M5,730Off-plan
17 Jul 2023Emerald Palace Kempinski HotelPalm Jumeirah4 B/R11,876AED 62M5,221Completed
17 Jul 2023Como ResidencesPalm Jumeirah4 B/R10,590AED 61M5,734Off-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 July 2023, answered

How many properties were sold in Dubai in July 2023?

9,844 residential sales were registered at the Dubai Land Department in July 2023, worth AED 30.3bn: 4,969 off-plan and 4,875 completed homes. That is 64% more than in July 2022, when 6,020 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 July 2023?

The dearest apartment or villa registered was an AED 420M off-plan five-bedroom home in the Land Department's Um Suqaim Third area — 27,143 sq ft at AED 15,473 a square foot, registered on 6 July. Next came AED 116M at Six Senses Residences, Palm Jumeirah, and AED 71M at Como Residences, Palm 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 July 2023?

Mohammed Bin Rashid City, with 1,195 registered sales, 695 of them completed homes; then Jumeirah Village Circle (830) and Jumeirah Lake Towers (577). The dearest, by the median price of a square foot of completed home, was Dubai Harbour at AED 3,666 across 22 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 Jul 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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