Investment-friendly policies and opportunities and an influx of new off-plan developments have contributed to the property prices rise in Dubai. According to the dubizzle user search trends and DLD transactions, property prices have increased during H1 2023 compared to H2 2022.
In this Dubai sales market report H1 2023, we have segmented villas and apartments for sale into affordable and luxury neighbourhoods to provide a detailed analysis of the ongoing trends.
Here are key takeaways from the data collected from consumer search trends and property listings on dubizzle:
- Consumers looking for an opulent and luxurious lifestyle have preferred Dubai Marina and Business Bay to buy apartments.
- Jumeirah Village Circle (JVC) has become the most searched community, followed by Dubai Silicon Oasis, for buyers looking for an affordable apartment for sale in Dubai.
- The average sale price for the apartments starts from AED 466k in International City to AED 5.45M for luxury apartments in Palm Jumeirah.
- Affordable apartments for sale in Dubai Sports City have given a significant ROI of 8.58%, which is the highest among the top neighbourhoods for flats and apartments.
- Damac Hills 2 has topped the user searches looking for affordable villas in Dubai.
- On the other hand, Dubai Hills Estate has emerged as the most preferred area for buyers looking to invest in luxury villas.
- The average sales prices of villas have ranged from AED 1.44M for an affordable villa to 42M for a luxurious one.
- Jumeirah Park has yielded 9.64% ROI, the highest overall among luxury and affordable villas.
The prices and popularity of areas depend on several factors, such as amenities, facilities, convenience and new project developments within the neighbourhood. Overall, the property market in Dubai has continued its upward trend in 2023, except for a slight drop in the prices of affordable apartments.
dubizzle’s Dubai real estate sales market report H1 2023 will present detailed insights into how the market has fared through the first half of 2023 compared to the last six months of 2022. Moreover, the detailed analysis will include the average sale prices and the property transactions in the popular neighbourhoods.
Top Luxury Areas for Buying Properties in Dubai
According to Dubai’s property sales market report H1 2023, the Emirate has seen a rise of 15.21% in overall prices per square foot of luxury villas and apartments for sale. Let’s find out which areas have garnered the highest interest of consumers, according to the dubizzle’s data.
Popular Luxury Areas to Buy Apartments in Dubai in H1 2023
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022 | TRANSACTION PRICE Avg. PriceChange from H2 2022 | STUDIO | 1-BED | 2-BED |
|---|---|---|---|---|---|---|
| Dubai Marina | ROI 7.19% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| TRANSACTION PRICE Avg. PriceChange from H2 2022
| STUDIO
| 1-BED
| 2-BED
|
| Business Bay | ROI 5.82% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| TRANSACTION PRICE Avg. PriceChange from H2 2022
| STUDIO
| 1-BED
| 2-BED
|
| Downtown Dubai | ROI 6.43% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| TRANSACTION PRICE Avg. PriceChange from H2 2022
| STUDIO
| 1-BED
| 2-BED
|
| Palm Jumeirah | ROI 4.64% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| TRANSACTION PRICE Avg. PriceChange from H2 2022
| STUDIO
| 1-BED
| 2-BED
|
| JBR | ROI 5.21% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| TRANSACTION PRICE Avg. PriceChange from H2 2022
| STUDIO
| 1-BED
| 2-BED
|
High-end investors have held their interest in luxury neighbourhoods, such as Dubai Marina, Business Bay and Palm Jumeirah. The average prices per square foot for luxury apartments in Dubai have reported an increase of 12.1%.
Dubai Marina
According to the user search trends on dubizzle, apartments in Dubai Marina have held the investors’ interest, providing a consistent ROI of 7.19%. The sales prices of the apartments in Dubai Marina stand at an average of AED 2.25M.
- The price per square foot of apartments in Dubai Marina has reported an average of AED 1,694, showing an uptick of 5.47% in H1 2023.
- Studio and 1-bed apartments have witnessed an increase in sales prices to AED 972k and AED 1.47M, respectively. Meanwhile, the cost of 2-bedroom apartments for sale in Dubai Marina has jumped 8.05% to AED 2.34M in 2023’s first half.
- As per the DLD’s property transaction data, the average sales price of apartments in Dubai Marina has shown a 15.84% incline.
Business Bay
Business Bay, a district with high-end commercial and residential properties in Dubai, ranks second on our list of top areas for luxury apartments. Yielding an ROI of 5.82%, the overall sale prices of apartments in Business Bay have shown an increase in H1 2023.
- The price per square foot of apartments in Business Bay has shown a 14.04% increase to AED 1,956.
- Studio and 1-bedroom apartments for sale in Business Bay have experienced higher sales prices of AED 956k and AED 1.51M, respectively. Moreover, the cost of 2-bedroom apartments has risen to AED 2.42M during this period.
- In H1 2023, DLD transactions have shown an appraised value of AED 1.5M for apartments in Business Bay, compared to AED 1.41M in H2 2022.
Downtown Dubai
Next on the list is Downtown Dubai. Home to the skyscraper Burj Khalifa and Dubai Opera, this area offers high-end residential properties in Dubai. Investors looking for a consistent ROI can find apartments in Downtown Dubai, with a projected rental yield of 6.43% in H1 2023. Overall, the average price of apartments in Downtown Dubai stands at AED 3.38M.
- Apartments in this well-connected district have reported an average price per square foot of AED 2,629, indicating an increase of 10.17% from 2022’s last half.
- Investors and buyers can expect to pay AED 1.4M, AED 1.9M and AED 3.48M for the studio, 1-bed and 2-bedroom apartments for sale in Downtown Dubai, according to the Dubai property market H1 2023.
- DLD transactions also show a 9.19% leap in the average prices of apartments in Downtown Dubai.
Fourth on our list of top neighbourhoods for luxury apartments is Palm Jumeirah. While the ROI is only 4.64%, the sales prices of the apartments for sale in Palm Jumeirah have averaged AED 5.45M. Considering its price appreciation, investors can enjoy a higher return whether renting or selling out apartments in Palm Jumeirah.
Lastly, buyers and investors have also shown interest in the luxury apartments for sale in Jumeirah Beach Residences (JBR). It is another preferred neighbourhood for luxury apartments, according to the dubizzle user trends, with an ROI of 5.21%.
Top Luxury Areas in H1 2023 to Buy Villas in Dubai
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022 | TRANSACTION PRICE Avg. PriceChange from H2 2022 | 3-BED | 4-BED | 5-BED |
|---|---|---|---|---|---|---|
| Dubai Hills Estate | ROI 5.13% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| TRANSACTION PRICE Avg. PriceChange from H2 2022
| 3-BED
| 4-BED
| 5-BED
|
| DAMAC Hills | ROI 7.04% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| TRANSACTION PRICE Avg. PriceChange from H2 2022
| 3-BED
| 4-BED
| 5-BED
|
| Arabian Ranches | ROI 6.05% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| TRANSACTION PRICE Avg. PriceChange from H2 2022
| 3-BED
| 4-BED
| 5-BED
|
| Palm Jumeirah | ROI 3.78% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| TRANSACTION PRICE Avg. PriceChange from H2 2022
| 3-BED
| 4-BED
| 5-BED
|
| Jumeirah Park | ROI 9.64% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| TRANSACTION PRICE Avg. PriceChange from H2 2022
| 3-BED
| 4-BED
| 5-BED
|
Luxury villas for sale in Dubai have witnessed an increase of 11.91% in the average price per square foot. Here are the top areas to buy luxurious villas in Dubai.
Dubai Hills Estate
High net-worth investors and buyers have shown interest in Dubai Hills Estate. The rental yield of villas in Dubai Hills Estate has projected a promising ROI of 5.13%. In H1 2023, the prices of villas for sale in Dubai Hills Estate have averaged around AED 14.3M.
- The price per square foot of villas stands at AED 2,057, representing an increase of 13.26% from 2022’s second half.
- After a surge in prices, investors and buyers have to pay AED 4.7M, AED 6.02M and AED 17.1M for 3, 4 and 5-bedroom villas for sale in Dubai Hills Estate, respectively.
- Prices of villas in Dubai Hills Estate have shown an increase of 14.02%, according to the DLD transaction data.
DAMAC Hills
According to the user searches, next on our list of luxury neighbourhoods for buying a villa is DAMAC Hills. Providing an impressive 7.04% ROI, the prices of villas for sale in DAMAC Hills have risen overall.
- Price per square foot has averaged AED 1,271 for villas in DAMAC Hills in H1 2023.
- Following 5.05%, 1.09% and 7.28% surges in three, four and five-bedroom villas for sale in DAMAC Hills, sales prices have averaged AED 2.71M, AED 2.79M and AED 6.09M, respectively.
- According to the DLD data, the cost of villas for sale in DAMAC Hills has averaged AED 4.15M in H1 2023.
Arabian Ranches
Next on our list, Arabian Ranches has maintained its prominent position based on user trends on dubizzle. The average cost of villas for sale in Arabian Ranches has valued at AED 6.22M delivering a solid ROI of 6.05%.
- The price per square foot has gone up to AED 1,211, increasing by 1.55% compared to H2 2022.
- Prices of 3-bedroom villas for sale in Arabian Ranches have received an uptick of 5.66%, increasing sales price to AED 3.29M. Additionally, sales prices of four and five-bedroom villas have inclined to AED 4.66M and AED 7.66M.
- As per the DLD transactions, the villas in Arabian Ranches have witnessed a significant uptick in H1 2023.
Other popular areas, such as Palm Jumeirah and Jumeirah Park, have also continued to gain the interest of high-end investors. The prices for villas for sale in Palm Jumeirah have averaged AED 42.1M. Besides, the villas provide an ROI of 3.78%. However, the prices of villas have plunged by 13.60% in H1 2023 based on the DLD transaction data.
Meanwhile, villas for sale in Jumeirah Park have recorded the highest ROI of 9.64%. According to the DLD transaction data, the prices of villas in Jumeirah Park have risen to AED 5.05M, compared to AED 4.76M in H2 2022.
Top Affordable Areas for Buying Properties in Dubai
The dubizzle’s Dubai sales market report H1 2023 reveals an upward trend in the sale prices of villas in the Emirate. Speaking of that, the price per square foot of affordable villas and apartments has reported an increase of around 7.9% in H1 2023 compared to the last half of 2022.
Let’s go through the most popular areas for buying luxury or affordable villas for sale in Dubai and the average prices of the houses listed on dubizzle.
Top Affordable Areas in H1 2023 to Buy Apartments in Dubai
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022 | TRANSACTION PRICE Avg. PriceChange from H2 2022 | STUDIO | 1-BED | 2-BED |
|---|---|---|---|---|---|---|
| JVC | ROI 7.69% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| TRANSACTION PRICE Avg. PriceChange from H2 2022
| STUDIO
| 1-BED
| 2-BED
|
| Dubai Silicon Oasis | ROI 8.25% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| TRANSACTION PRICE Avg. PriceChange from H2 2022
| STUDIO
| 1-BED
| 2-BED
|
| JLT | ROI 7.81% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| TRANSACTION PRICE Avg. PriceChange from H2 2022
| STUDIO
| 1-BED
| 2-BED
|
| International City | ROI 7.66% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| TRANSACTION PRICE Avg. PriceChange from H2 2022
| STUDIO
| 1-BED
| 2-BED
|
| Dubai Sports City | ROI 8.58% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| TRANSACTION PRICE Avg. PriceChange from H2 2022
| STUDIO
| 1-BED
| 2-BED
|
Overall, budget-friendly neighbourhoods have seen an increase of 9% in average sale prices per square foot of apartments.
Jumeirah Village Circle
According to the user search trends and advertised property listings on dubizzle, Jumeirah Village Circle (JVC) has continued its leading position. The cost of apartments for sale in JVC has averaged AED 893K, providing 7.69% ROI.
- With an uptick, the price per square foot of apartments in JVC has increased to AED 1,045.
- Studio, 1-bed and 2-bed flats for sale in JVC have increased to AED 517K, AED 790k and AED 1.27M, respectively.
- Dubai Land Department transactions have shown a slight change in JVC apartment prices by 2.17% in H1 2023.
Dubai Silicon Oasis
Dubai Silicon Oasis has continued its uptrend in terms of user searches on dubizzle, making it the second most popular neighbourhood for buying reasonably-priced apartments. With an impressive ROI of 8.25%, the prices of apartments for sale in Dubai Silicon Oasis have increased to AED 657k.
- Apartments in DSO have recorded an average price per square foot of AED 704 in H1 2023, a slight drop from AED 710 in H2 2022.
- The average sale prices of Studio and 2-bed apartments have declined to AED 359k and AED 877k, respectively. Meanwhile, the prices of 1-bedroom apartments for sale in Dubai Silicon Oasis have increased to AED 526k, compared to AED 494k in H2 2022.
- DLD transactions have shown a drop of 1.33% in the average apartment price in DSO.
Jumeirah Lake Towers
Jumeirah Lake Towers (JLT) is the third most searched area for affordable flats. As per the advertised JLT apartments listing, the price has recorded an average sales price of AED 1.44M. The ROI in H1 2023, projected from the rental yield, is 7.81%. Additionally, the prices of apartments for sale in JLT are slightly on the higher end.
- An incline has taken the average price per square foot of the apartments for sale in JLT to AED 1,246 in H1 2023, compared to AED 1,076 in 2022’s second half.
- The listed studio apartments for sale in JLT have recorded an average price of AED 649k, showing a significant increase from H2 2022. On the other hand, one and two-bedroom apartments have also risen to AED 1.08M and AED 1.71M, respectively.
- In 2023’s first half, DLD transaction data has recorded a change of 0.97% in the average sales price of the apartments in JLT.
Besides the aforementioned areas, International City has also retained its position among the popular areas with apartments for sale during H1 2023 real estate trends. The sales price of listed apartments for sale in International City has recorded an average of AED 466k. For the investors, the affordable apartments in International City have yielded an ROI of 7.66%.
Dubai Sports City ranks fifth on the list of top-searched areas for budget-friendly apartments. The sales price of the advertised apartments for sale in Dubai Sports City has averaged AED 597k. Plus, apartments in Dubai Sports City have yielded the highest ROI of 8.58% among the popular neighbourhoods for luxury and affordable flats in Dubai.
Top Affordable Areas to Buy Villas in Dubai in H1 2023
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022 | TRANSACTION PRICE Avg. PriceChange from H2 2022 | 3-BED | 4-BED | 5-BED |
|---|---|---|---|---|---|---|
| DAMAC Hills 2 | ROI 6.47% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| TRANSACTION PRICE Avg. PriceChange from H2 2022
| 3-BED
| 4-BED
| 5-BED
|
| Dubailand | ROI 6.76% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| TRANSACTION PRICE Avg. PriceChange from H2 2022
| 3-BED
| 4-BED
| 5-BED
|
| JVC | ROI 8.23% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| TRANSACTION PRICE Avg. PriceChange from H2 2022
| 3-BED
| 4-BED
| 5-BED
|
| Al Furjan | ROI 7.09% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| TRANSACTION PRICE Avg. PriceChange from H2 2022
| 3-BED
| 4-BED
| 5-BED
|
| Dubai South | ROI 6.76% | PRICE PER SQ.FT Avg. Price/sq.ftChange from H2 2022
| TRANSACTION PRICE Avg. PriceChange from H2 2022
| 3-BED
| 4-BED
| 5-BED
|
If you are looking for villas on a budget, the trends have revealed an increase of 6.8% in the overall price per square foot of villas in affordable neighbourhoods.
DAMAC Hills 2
DAMAC Hills 2 (Akoya by DAMAC) has continued to be a top pick for budget-friendly villas in Dubai. The neighbourhood is relatively new and still under development but has provided a 6.47% ROI. Moreover, the sales prices of villas in DAMAC Hills 2 have averaged AED 1.4M.
- The price per square has increased slightly from AED 666 in H2 2022 to AED 677 during 2023’s first half.
- After an uptick of 7.2% and 5.24%, the price of three and four-bedroom villas for sale in DAMAC Hills 2 have increased to AED 1.24M and AED 1.54M, respectively. However, the prices of 5-bedroom villas have averaged AED 1.88M.
- DLD transactions data has revealed a whopping increase of 14.21% in the average sales price of villas in DAMAC Hills 2.
Dubailand
Dubailand is the second most popular area that users searched for in H1 2023 to buy villas. The ROI, obtained from the projected rental yield, is 6.76% for the non-luxury villas in Dubailand. Furthermore, the sales prices of the villas in Dubailand have recorded an average of AED 2.48M.
- The price per square foot has witnessed a substantial increase, taking it to AED 935 in H1 2023.
- Following an increase, investors can expect to pay AED 1.86M and AED 2.44M for 3 and 4-bed villas, respectively. On the other hand, the prices of five-bedroom villas for sale in Dubailand have seen a significant increase.
- Data from DLD transactions has unveiled a surge of 2.25% in the average sales price of villas within Dubailand.
Jumeirah Village Circle
Next on the list is JVC, which is also a top community for affordable apartments. Villas in JVC have projected an impressive ROI of 8.23%. Besides, the average price of villas in JVC has seen a rise to AED 2.49M in H1 2023.
- During this period, an increase has taken the price per square foot of the villas in JVC to AED 742, compared to AED 664 in H2 2022.
- The sales prices of three and four-bedroom villas have increased to AED 2.13M and AED 2.55M, respectively. Meanwhile, the prices of five-bedroom villas for sale in JVC have dropped to AED 2.56M.
- In H1 2023, transaction data on DLD has reported a surge of 7.72% in the average prices of villas in JVC.
Following JVC, Al Furjan is the fourth most preferred area for investors looking to invest in budget-friendly villas. The villas for sale in Al Furjan have recorded AED 956 price per square foot after a surge of 6.10%. Plus, these affordable villas have a projected ROI of 7.09%.
Lastly, investors have also shown interest in Dubai South for affordable villas, which yields a consistent ROI of 6.76%. However, the prices of villas for sale in Dubai South have witnessed a significant dip of 29.48%, according to the DLD transaction data. The drop is mainly due to the new project completions that have a lower price range. That said, the average sales prices have witnessed a drop.
That concludes our Dubai sales market report H1 2023. Overall, the 2023 H1 sales market report of Dubai real estate has revealed upward trends. Be it property for sale in Dubai or rental real estate, both have witnessed unprecedented growth. You can explore the rental market trends in the Dubai rental market report H1 2023.
For more insights into the real estate market, keep reading the dubizzle property blog.
Disclaimer: The trends mentioned in the Dubai sales market report for H1 2023 depend upon the apartments and villas listed on dubizzle for sales except the DLD transaction data. It isn’t an actual representation of real estate transactions in the Emirate.
