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Dubai property prices › Month by month › December 2023

The Dubai property market in December 2023

In December 2023 the Dubai Land Department registered 9,537 residential sales worth AED 24.8bn — 22% more than in December 2022, when it registered 7,812, and 28% more by value. Most were homes not yet built: 5,406 off-plan against 4,131 completed. A completed home changed hands at a median AED 1.35M, AED 1,185 a square foot — 10% more a foot than in December 2022.

Sales registered
9,537
+22% on December 2022 (7,812)
Value
AED 24.8bn
+28% on December 2022 (AED 19.4bn)
Off-plan
5,406
57% of the month · 4,131 completed
Completed homes, median
AED 1,185
per sq ft · AED 1.35M a home · +10% on December 2022

The month in its year

December 2023 against the twelve months before it

Residential sales registered, by monthOff-planResale9,537 in December 2023
7,812
9,537
DJ2023FMAMJJASOND

9,537 sales in December 2023 — the fewest in a month since June 2023, against 7,812 in December 2022. Off-plan was 57% of the month, against 54% a year earlier.

Completed homes

What a completed home sold for in December 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
Studio682AED 467K1,051
1 B/R1,330AED 904K1,210
2 B/R998AED 1.58M1,277
5 B/R17AED 1.98M448
3 B/R445AED 2.63M1,282
4 B/R154AED 3.35M1,258

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, 1 December to 29 December. The busiest was 21 December: 676 sales, AED 1.3bn.
Off-plan
5,406 sales at a median AED 1,816 a square foot — its own line, never blended into the completed-home medians.
Villas
1,120 of the 9,537, as the register files them. A house sold with its plot is filed as land and is not counted here.
Payment plans
1,147 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 December, 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 Circle1,2258691,005
Business Bay8595341,944
Dubai Hills Estate7424751,958
Mohammed Bin Rashid City3702581,897
Dubai Harbour3663473,432
Downtown Dubai3571352,341
Maritime City3503491,942
Arjan338216843
Jumeirah Lake Towers2821771,137
Damac Hills2681931,134
The Valley262256934
Dubai Marina252251,438
International City1937506
Dubai Land Residence Complex19281650
Town Square1771131,016
Dearest communityAED/sqftResales
Dubai Harbour3,43219
Umm Suqeim2,86012
Jumeirah2,75612
Zabeel2,61331
Downtown Dubai2,341222
Palm Jumeirah2,11275
Dubai Creek Harbour (The Lagoons)2,09490
City Walk2,04419
Bur Dubai1,98310
Dubai Hills Estate1,958267

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 December 2023

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

The dearest was an AED 500M off-plan five-bedroom home at Como Residences, Palm Jumeirah — 21,949 sq ft at AED 22,780 a square foot, registered on 14 December.

RegisteredHomeLayoutSq ftPriceAED/sqftSold
14 Dec 2023Como ResidencesPalm Jumeirah5 B/R21,949AED 500M22,780Off-plan
8 Dec 2023Casa CanalAl Wasl6 B/R30,384AED 135M4,443Off-plan
8 Dec 2023Casa CanalAl Wasl6 B/R28,322AED 135M4,767Off-plan
7 Dec 2023Orla InfinityPalm Jumeirah4 B/R8,582AED 87M10,187Off-plan
7 Dec 2023AVA at Palm Jumeirah By OmniyatPalm Jumeirah4 B/R8,414AED 75M8,914Off-plan
22 Dec 2023BV Residences 3Jumeirah Bay Island3 B/R6,927AED 62M8,965Completed
18 Dec 2023IL PrimoDowntown Dubai5 B/R11,407AED 58M5,085Off-plan
20 Dec 2023Como ResidencesPalm Jumeirah4 B/R9,753AED 56M5,764Off-plan
20 Dec 2023SLS Residences the PalmPalm Jumeirah4 B/R13,537AED 56M4,113Off-plan
20 Dec 2023SLS Residences the PalmPalm Jumeirah4 B/R13,962AED 54M3,868Off-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 December 2023, answered

How many properties were sold in Dubai in December 2023?

9,537 residential sales were registered at the Dubai Land Department in December 2023, worth AED 24.8bn: 5,406 off-plan and 4,131 completed homes. That is 22% more than in December 2022, when 7,812 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 December 2023?

The dearest apartment or villa registered was an AED 500M off-plan five-bedroom home at Como Residences, Palm Jumeirah — 21,949 sq ft at AED 22,780 a square foot, registered on 14 December. Next came AED 135M at Casa Canal, Al Wasl, and AED 135M at Casa Canal, Al Wasl. 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 December 2023?

Jumeirah Village Circle, with 1,225 registered sales, 869 of them off-plan; then Business Bay (859) and Dubai Hills Estate (742). The dearest, by the median price of a square foot of completed home, was Dubai Harbour at AED 3,432 across 19 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 Dec 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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