Dubai property prices › Month by month › August 2023
The Dubai property market in August 2023
In August 2023 the Dubai Land Department registered 10,327 residential sales worth AED 24.8bn — 26% more than in August 2022, when it registered 8,178, and 36% more by value. Most were homes not yet built: 6,419 off-plan against 3,908 completed. A completed home changed hands at a median AED 1.37M, AED 1,110 a square foot — 4% more a foot than in August 2022.
The month in its year
August 2023 against the twelve months before it
10,327 sales in August 2023 — the most in a month since March 2023, against 8,178 in August 2022. Off-plan was 62% of the month, against 49% a year earlier.
Completed homes
What a completed home sold for in August 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.
| Layout | Sales | Median price | AED/sqft |
|---|---|---|---|
| Studio | 584 | AED 413K | 900 |
| 1 B/R | 1,165 | AED 850K | 1,098 |
| 2 B/R | 840 | AED 1.65M | 1,150 |
| 3 B/R | 441 | AED 2.50M | 1,194 |
| 4 B/R | 161 | AED 3.50M | 1,283 |
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 August to 31 August. The busiest was 14 August: 664 sales, AED 2.0bn.
- Off-plan
- 6,419 sales at a median AED 1,799 a square foot — its own line, never blended into the completed-home medians.
- Villas
- 1,496 of the 10,327, as the register files them. A house sold with its plot is filed as land and is not counted here.
- Payment plans
- 1,039 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 August, 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 community | Sales | Off-plan | Completed AED/sqft |
|---|---|---|---|
| Business Bay | 1,049 | 835 | 1,518 |
| Jumeirah Village Circle | 841 | 569 | 991 |
| Mohammed Bin Rashid City | 748 | 579 | 1,725 |
| Arjan | 626 | 561 | 902 |
| The Valley | 453 | 453 | — |
| Jumeirah Lake Towers | 428 | 285 | 1,061 |
| Dubai Harbour | 377 | 364 | 3,246 |
| Downtown Dubai | 308 | 156 | 2,051 |
| Dubai Creek Harbour (The Lagoons) | 302 | 219 | 1,951 |
| Jumeirah Village Triangle | 299 | 268 | 792 |
| Dubai Marina | 295 | 33 | 1,446 |
| Meydan | 263 | 202 | 1,341 |
| Dubai South (Dubai World Central) | 250 | 146 | 857 |
| Dubai Hills Estate | 240 | 146 | 1,781 |
| Dubai Land Residence Complex | 218 | 173 | 650 |
| Dearest community | AED/sqft | Resales |
|---|---|---|
| Dubai Harbour | 3,246 | 13 |
| Zabeel | 2,224 | 21 |
| Downtown Dubai | 2,051 | 152 |
| City Walk | 1,983 | 15 |
| Dubai Creek Harbour (The Lagoons) | 1,951 | 83 |
| Palm Jumeirah | 1,844 | 65 |
| Dubai Hills Estate | 1,781 | 94 |
| Tilal Al Ghaf | 1,730 | 17 |
| Mohammed Bin Rashid City | 1,725 | 169 |
| Arabian Ranches 3 | 1,554 | 25 |
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 August 2023
The 15 buildings with the most sales registered in August, each linking its own recorded history.
| Building | Sales | Off-plan | AED/sqft | |
|---|---|---|---|---|
| 1 | RivanaThe Valley | 411 | all | 934 |
| 2 | Kyoto by ORO24Arjan | 287 | all | 1,433 |
| 3 | Canal HeightsBusiness Bay | 265 | all | 2,832 |
| 4 | Crest GrandeMohammed Bin Rashid City | 217 | all | 1,850 |
| 5 | Fashionz by DanubeJumeirah Village Triangle | 206 | all | 1,881 |
| 6 | Bayview Tower 1Dubai Harbour | 197 | all | 5,627 |
| 7 | Canal Heights 2Business Bay | 177 | all | 2,879 |
| 8 | Sobha Hartland Waves OpulenceMohammed Bin Rashid City | 129 | all | 1,900 |
| 9 | The HamiltonTown Square | 128 | all | 1,056 |
| 10 | South Bay 2Dubai South (Dubai World Central) | 113 | all | 793 |
| 11 | MayArabian Ranches 3 | 111 | all | 1,588 |
| 12 | Creek Waters 2Dubai Creek Harbour (The Lagoons) | 110 | all | 2,417 |
| 13 | The EdgeBusiness Bay | 105 | all | 2,203 |
| 14 | Society HouseDowntown Dubai | 101 | all | 2,774 |
| 15 | CameliaDamac Hills 2 | 93 | 0 | 1,206 |
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 August 2023
The dearest was an AED 112M off-plan seven-bedroom home at Como Residences, Palm Jumeirah — 18,972 sq ft at AED 5,891 a square foot, registered on 18 August.
| Registered | Home | Layout | Sq ft | Price | AED/sqft | Sold |
|---|---|---|---|---|---|---|
| 18 Aug 2023 | Como ResidencesPalm Jumeirah | 7 B/R | 18,972 | AED 112M | 5,891 | Off-plan |
| 10 Aug 2023 | World Islands | 6 B/R | 36,993 | AED 79M | 2,130 | Off-plan |
| 10 Aug 2023 | World Islands | 6 B/R | 30,560 | AED 72M | 2,366 | Off-plan |
| 7 Aug 2023 | Como ResidencesPalm Jumeirah | 4 B/R | 9,976 | AED 57M | 5,722 | Off-plan |
| 17 Aug 2023 | The Address Residences Dubai Opera Tower 2Downtown Dubai | 5 B/R | 9,962 | AED 57M | 5,722 | Completed |
| 7 Aug 2023 | Como ResidencesPalm Jumeirah | 4 B/R | 9,901 | AED 57M | 5,719 | Off-plan |
| 8 Aug 2023 | Seapoint Tower 1Dubai Harbour | 6 B/R | 11,683 | AED 55M | 4,737 | Off-plan |
| 7 Aug 2023 | Como ResidencesPalm Jumeirah | 4 B/R | 9,360 | AED 54M | 5,794 | Off-plan |
| 3 Aug 2023 | Como ResidencesPalm Jumeirah | 4 B/R | 9,369 | AED 54M | 5,769 | Off-plan |
| 9 Aug 2023 | Como ResidencesPalm Jumeirah | 4 B/R | 9,333 | AED 54M | 5,746 | Off-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 August 2023, answered
How many properties were sold in Dubai in August 2023?
10,327 residential sales were registered at the Dubai Land Department in August 2023, worth AED 24.8bn: 6,419 off-plan and 3,908 completed homes. That is 26% more than in August 2022, when 8,178 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 August 2023?
The dearest apartment or villa registered was an AED 112M off-plan seven-bedroom home at Como Residences, Palm Jumeirah — 18,972 sq ft at AED 5,891 a square foot, registered on 18 August. Next came AED 79M in the Land Department's World Islands area, and AED 72M in the Land Department's World Islands area. 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 August 2023?
Business Bay, with 1,049 registered sales, 835 of them off-plan; then Jumeirah Village Circle (841) and Mohammed Bin Rashid City (748). The dearest, by the median price of a square foot of completed home, was Dubai Harbour at AED 3,246 across 13 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.