Every passing quarter, Dubai continues to grow as a major business and trade hub and that growth is reflected in the real estate trends. With an eye on these property market trends, we have compiled a detailed analysis of the average advertised sales prices of apartments and villas in luxury and affordable areas during the first three months of 2023.
- Q1 2023 search trends on dubizzle property reveal that the buyers searching for affordable apartments have opted for family-friendly areas like Jumeirah Village Circle (JVC) and Jumeirah Lake Towers (JLT).
- Whereas, for luxury apartments, Dubai Marina and Business Bay have remained buyers’ favourites.
- The average sales price of apartments in Dubai has been around AED 470K to AED 5.2M.
- Dubai Silicon Oasis has offered the highest ROI of 8.31% for buy-to-let apartments in Dubai.
- For affordable villas, investors have shown interest in Dubailand, Al Furjan and JVC. On the contrary, for luxury villas, Palm Jumeirah, Dubai Hills Estate, The Villa and DAMAC Hills have topped the list.
- The average sales price of villas in Dubai has been between AED 1.4M to AED 42.4M.
- Whereas, Mohammed Bin Rashid City has recorded the highest estimated ROI of 10.14% on the purchase of villas.
- According to the DLD transactions, the highest change of 16.11% has been observed in the average sales price of apartments in Palm Jumeirah. Whereas, for the villas, the highest price change of 12.99% has been observed in Al Furjan.
Overall, an upward trajectory has been observed in the quarterly sales prices of apartments and villas in Dubai. The Dubai Q1 sales real estate market report 2023 provides a detailed analysis of the property transactions and sales trends of Q1 2023 in Dubai.
Popular Areas for Buying Apartments in Dubai
According to the consumer search trends, the following have been the top areas to buy luxury and affordable apartments in Dubai in Q1 of 2023.
Popular Affordable Areas in Q1 2023 to Buy Apartments in Dubai
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022 | TRANSACTION PRICE Avg. PriceChange from Q4 2022 | Studio | 1-Bed | 2-Bed |
|---|---|---|---|---|---|---|
| Jumeirah Village Circle (JVC) | ROI 7.63% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022
| TRANSACTION PRICE Avg. PriceChange from Q4 2022
| Studio
| 1-Bed
| 2-Bed
|
| Jumeirah Lake Towers (JLT) | ROI 8.17% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022
| TRANSACTION PRICE Avg. PriceChange from Q4 2022
| Studio
| 1-Bed
| 2-Bed
|
| Dubai Silicon Oasis | ROI 8.31% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022
| TRANSACTION PRICE Avg. PriceChange from Q4 2022
| Studio
| 1-Bed
| 2-Bed
|
| International City | ROI 7.72% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022
| TRANSACTION PRICE Avg. PriceChange from Q4 2022
| Studio
| 1-Bed
| 2-Bed
|
| Dubai Residence Complex | ROI 7.26% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022
| TRANSACTION PRICE Avg. PriceChange from Q4 2022
| Studio
| 1-Bed
| 2-Bed
|
Jumeirah Village Circle (JVC) has topped the list of popular areas to buy affordable apartments in Dubai. JVC is popular due to its lush green gardens, peaceful ambience and ideal location. The advertised sales price of apartments in JVC has averaged AED 872K with an ROI of 7.63%.
- After an uptick of 2.52%, the average per sq. ft price of apartments in JVC has been around AED 1014.
- The sales price of a studio apartment in JVC has averaged AED 500K in Q1 2023.
- The average prices of 1 and 2-bedroom apartments have been recorded as AED 768K and AED 1.2M, respectively.
Jumeirah Lake Towers (JLT) is a mixed-use community near Dubai Marina. Residents of JLT can leverage a myriad of leisure activities and amenities within the area. With an average sales price of AED 1.4M in Q1 2023, the area has an ROI of 8.17%.
- The price per sq. ft of apartments in JLT has averaged AED 1,173 after an increase of 8.56% from Q4 2022.
- For studio apartments in JLT, buyers have paid AED 624K on average.
- The 1 and 2-bedroom apartments have an average sales price of AED 990K and AED 1.6M in Q1 2023.
Dubai Silicon Oasis is a free zone area enveloped between Sheikh Mohammed Bin Zayed Road and Dubai-Al Ain Road. The sales price of apartments in this trade zone has averaged AED 629K with an estimated ROI of 8.31%.
- AED 690 has been recorded as the price per sq. ft of apartments in Dubai Silicon Oasis.
- The sales price of studio apartments in Dubai Silicon Oasis has averaged AED 346K.
- 1 and 2-bedroom apartments have an average sales price of AED 491K and AED 869K, respectively.
Next on our list is International City, with an average sales price of AED 470K and an ROI of 7.72%. The average sales prices of studio, 1 and 2-bedroom apartments have been AED 285K, AED 382K and AED 817K, respectively.
The last one on the list is Dubai Residence Complex. These modern apartment units have been available at an average sales price of AED 595K and a 7.26% ROI. In Q1 2023, the average per sq. ft price of apartments has increased by 10.28% and averaged at AED 665. Whereas, the average recorded sales prices of 1 and 2-bedroom apartments have been AED 517K and AED 709K, respectively.
Popular Luxury Areas in Q1 2023 to Buy Apartments in Dubai
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022 | TRANSACTION PRICE Avg. PriceChange from Q4 2022 | Studio | 1-Bed | 2-Bed |
|---|---|---|---|---|---|---|
| Dubai Marina | ROI 7.30% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022
| TRANSACTION PRICE Avg. PriceChange from Q4 2022
| Studio
| 1-Bed
| 2-Bed
|
| Business Bay | ROI 5.96% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022
| TRANSACTION PRICE Avg. PriceChange from Q4 2022
| Studio
| 1-Bed
| 2-Bed
|
| Downtown Dubai | ROI 6.67% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022
| TRANSACTION PRICE Avg. PriceChange from Q4 2022
| Studio
| 1-Bed
| 2-Bed
|
| Palm Jumeirah | ROI 5.02% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022
| TRANSACTION PRICE Avg. PriceChange from Q4 2022
| Studio
| 1-Bed
| 2-Bed
|
| Mohammed Bin Rashid City | ROI 7.08% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022
| TRANSACTION PRICE Avg. PriceChange from Q4 2022
| Studio
| 1-Bed
| 2-Bed
|
Based on investors’ interest, here are the top areas to buy luxury apartments in Dubai.
Dubai Marina has been the most popular area for buyers looking for a luxury apartment in Dubai. With an average sales price of AED 2.2M, the area offers an estimated ROI of 7.30%.
- The price per sq. ft of apartments in Dubai Marina has averaged AED 1,680. Whereas, the average sales price of studio apartments has been around AED 980K.
- 1 and 2-bedroom apartments have average sales prices of AED 1.5M and AED 2.3M in Q1 2023.
Business Bay is located along the Dubai Canal, close to Downtown Dubai. The sales price of apartments in this mixed-use district has averaged AED 1.9M with an ROI of 5.96%.
- After an increase of 6.75%, the price per sq. ft of apartments has averaged AED 1.895. Whereas, the annual sales price of studio apartments has averaged AED 919K.
- To buy a 1-bedroom apartment investors have paid AED 1.5M on average. Whereas, the sales price of a 2-bedroom has averaged AED 2.3M.
Downtown Dubai, the city’s centre, is home to some of the most iconic landmarks of the emirate. In 2023 Q1, the sales price of apartments in Downtown Dubai averaged AED 3.2M with an ROI yield of 6.67%.
- The price per sq. ft of apartments in Downtown Dubai has averaged AED 2,531 after an increase of 6.31% from the previous quarter.
- For studio apartments, AED 1.4M has been recorded as the average sales price. Whereas, 1 and 2-bedroom apartments have average sales prices of AED 1.8M and AED 3.3M in the first quarter of 2023.
Fourth on our list of luxury areas is Palm Jumeirah, with an average sales price of AED 5.2M and an ROI of 5.02%. In Palm Jumeirah, the asking price of studio apartments has averaged AED 1.5M. Whereas, it has been AED 3M and AED 5.2M for 1 and 2-bedroom apartments.
Mohammed Bin Rashid (MBR) City is one of the largest freehold property areas with an average sales price of AED 1.8M and an ROI of 7.08%. The price per sq. ft of apartments in MBR City has averaged AED 1,813. However, AED 1.3M and AED 2M have been recorded as the average sale prices of 1 and 2-bedroom apartments.
Popular Areas for Buying Villas in Dubai
As per the Dubai real estate sales market report 2023 Q1, the following are the most searched-for areas to buy villas in Dubai.
Popular Affordable Areas in Q1 2023 to Buy Villas in Dubai
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022 | TRANSACTION PRICE Avg. PriceChange from Q4 2022 | 3-Bed | 4-Bed | 5-Bed |
|---|---|---|---|---|---|---|
| DAMAC Hills 2 (Akoya by DAMAC) | ROI 6.41% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022
| TRANSACTION PRICE Avg. PriceChange from Q4 2022
| 3-Bed
| 4-Bed
| 5-Bed
|
| Dubailand | ROI 6.78% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022
| TRANSACTION PRICE Avg. PriceChange from Q4 2022
| 3-Bed
| 4-Bed
| 5-Bed
|
| Jumeirah Village Circle (JVC) | ROI 8.09% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022
| TRANSACTION PRICE Avg. PriceChange from Q4 2022
| 3-Bed
| 4-Bed
| 5-Bed
|
| Reem | ROI 7.12% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022
| TRANSACTION PRICE Avg. PriceChange from Q4 2022
| 3-Bed
| 4-Bed
| 5-Bed
|
| Al Furjan | ROI 6.88% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022
| TRANSACTION PRICE Avg. PriceChange from Q4 2022
| 3-Bed
| 4-Bed
| 5-Bed
|
In Q1 2023, DAMAC Hills 2 (Akoya by DAMAC) topped the list of the most searched areas for buying affordable villas in Dubai. This eco-friendly area has a wide range of villas with an average sales price of AED 1.4M and an estimated ROI of 6.41%.
- The per Sqft price of villas in DAMAC Hills 2 has averaged AED 667. Whereas, 3 and 4-bedroom villas have average sales prices of AED 1.2M and AED 1.6M, respectively.
- Investors have paid AED 1.9M on average to buy a 5-bedroom villa in DAMAC Hills 2.
The family-friendly area of Dubailand has ranked as the second most popular choice for buying affordable villas in Dubai. With an average sales price of AED 2.2M, the area offered an ROI of 6.78%.
- After an increase of 2.69% the recorded per Sqft price of villas has been around AED 897.
- 3-bedroom villas in Dubailand have average sales prices of AED 1.8M.
- AED 2.2M and AED 4.8M have been recorded as the average sales price of 3 and 4-bedroom villas in Dubailand.
Buyers looking for affordable villas have also opted for JVC. The sales price of villas in JVC has averaged AED 2.4M with 8.09% ROI.
- In comparison to the previous quarter, the per Sqft price of villas has increased by 6.51%, making it AED 711 for Q1 2023.
- To purchase a 3-bedroom villa, buyers have paid AED 2.1M on average.
- The sales price has averaged AED 2.4M for a 4-bedroom villa and AED 2.8M for a 5-bedroom villa.
Next on the list of popular areas is Reem Dubai with an average sales price of AED 2.3M and an ROI of 7.12%. The per sqft price of Reem also increased by 2.65% and has been around AED 889 for Q1 2023. Whereas, the sales prices of 3,4 and 5-bedroom villas have been AED 2.2M, AED 2.6M and AED 3.5M, respectively.
With an estimated ROI of 6.88% and an average sales price of AED 3.3M, Al Furjan has ranked fifth on the list of most searched areas for buying affordable villas. The per sq. ft price of villas in Al Furjan has been recorded around AED 938. Whereas, 3-bedroom villas have an average sales price of AED 2.5M. However, the recorded sales prices of 4 and 5-bedroom villas have been AED 3.4M and AED 4.9M, respectively.
Popular Luxury Areas in Q1 2023 to Buy Villas in Dubai
POPULAR AREAS | ROI | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022 | TRANSACTION PRICE Avg. PriceChange from Q4 2022 | 3-Bed | 4-Bed | 5-Bed |
|---|---|---|---|---|---|---|
| Palm Jumeirah | ROI 3.97% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022
| TRANSACTION PRICE Avg. PriceChange from Q4 2022
| 3-Bed
| 4-Bed
| 5-Bed
|
| Mohammed Bin Rashid City | ROI 10.14% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022
| TRANSACTION PRICE Avg. PriceChange from Q4 2022
| 3-Bed
| 4-Bed
| 5-Bed
|
| Dubai Hills Estate | ROI 5.36% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022
| TRANSACTION PRICE Avg. PriceChange from Q4 2022
| 3-Bed
| 4-Bed
| 5-Bed
|
| The Villa | ROI 5.28% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022
| TRANSACTION PRICE Avg. PriceChange from Q4 2022
| 3-Bed
| 4-Bed
| 5-Bed
|
| DAMAC Hills | ROI 7.05% | PRICE PER SQ.FT Avg. Price/sq.ftChange from Q4 2022
| TRANSACTION PRICE Avg. PriceChange from Q4 2022
| 3-Bed
| 4-Bed
| 5-Bed
|
The list of areas to buy luxury villas in Q1 2023 in Dubai starts from Palm Jumeirah. With an average sales price of AED 42M, villas in Palm Jumeirah offer an estimated ROI of 3.97%.
- The per Sqft price has increased from AED 3,946 in Q4 2022 to AED 4,381 in Q1 2023.
- The sales price of a 3-bedroom villa has averaged AED 25M in Palm Jumeirah.
- 4 and 5-bedroom villas have average sales prices of AED 25M and AED 59M, respectively.
Mohammed Bin Rashid City has offered the highest ROI of 10.14% with an average sales price of AED 10M.
- The per Sqft price of villas has increased by 3.68% and has been around AED 1,573 for Q1 2023.
- The recorded sales price of a 3-bedroom villa has averaged AED 3.3M.
- For a 4-bedroom villa, the price has averaged AED 6.1M and AED 17.6M for a 5-bedroom villa.
Dubai Hills Estate has ranked third on the list of the most popular areas to buy luxury villas in Dubai. With an estimated ROI of 5.36%, the sales price of villas in Dubai Hills Estate has averaged AED 14.5M.
- After an increase of 5.30%, the recorded price per sq. ft of villas has been around AED 2002.
- The sales price of a 3-bedroom villa averaged AED 4.7M and the average price has been AED 6M for a 4-bedroom villa.
- 5-bedroom villas have an average sales price of AED 16.7M in Q1 2023.
The Villa is ranked fourth on our list of luxury areas to buy villas in Dubai, The average sales price of villas in The Villa has been AED 5.6M with an ROI of 5.28%. The price per sq. ft of villas has increased by 1.43% making it AED 923 for Q1 2023. For a 3-bedroom villa, buyers have paid an average sales price of AED 2.8M. However, 4 and 5-bedroom villas have average sales prices of AED 4.6M and AED 5.4M in the last quarter.
DAMAC Hills has ranked fifth on our list of the most popular areas to buy a luxury villa in Dubai. The sales price of villas in DAMAC Hills has averaged AED 6M with an ROI of 7.05%. 3 and 4-bedroom villas have an average sales price of AED 2.7M and AED 2.9M, respectively. Whereas, the sales price of a 5-bedroom villa has averaged AED 6.2M.
Here we conclude our Dubai Q1 sales property market report 2023. According to the sales trend, the prices of apartments and villas in the region have increased. That said, if you are also interested in leveraging this prospering real estate market, browse through these properties for sale in Dubai and invest in Dubai’s real estate.
Besides, if you are new to the Emirate, read dubizzle’s Dubai annual sales market report 2022 to know more about the sales trend in the region.
Stay tuned to dubizzle’s property blog for more information on the Dubai sales market.
Disclaimer: The property transactions and trends mentioned in the Dubai Q1 2023 sales market report depend upon the users’ interest and properties listed on dubizzle for sale. It may or may not be the actual representation of real estate trends and property transactions in the Emirate.
