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Dubai US Market Research
Dubai Residential Property Market Monitor, July 2023 - apartments price growth was 4.2% in January-June
05 Jul 2023
Dubai Residential Property Market Monitor, July 2023 is ready! The topic in focus is apartments sales price index.
Dubai Residential Property Market is showing continued strength in 2023. Prices and volumes keep strong levels achieved in 2022. At the same time, cap rates (rental yields) are quite different by area and project.
In this presentation we will analyze Dubai sale price index and deep dive into the most profitable projects by cap rate.
Average Dubai residential real estate prices continue to grow. Weighted average Dubai apartments sales price growth was 4.2%.
But the growth was not equal: 23% of projects have decline in prices, some of them in double digits. The largest decline showed Al Barari with 28% decline. The fastest growth showed Mbr District 7 with 37% followed by Bluewaters with 34%
We used for following methodology for our sales price index:
- Select projects that had at least one sale transaction in each observed month
- Calculate average sale price per project
- Calculate weighted average sale price for all Dubai projects weighting by total area sold in all the months, so projects with higher area of sales have more impact on the index
| Area name | Cap rate | Sale price, AED per sqm | Rent, AED per sqm per year |
|---|---|---|---|
| Wadi Al Safa 3 | 11.2% | 6 143 | 690 |
| Liwan | 10.8% | 5 134 | 538 |
| Dubai Studio City | 10.1% | 7 480 | 748 |
| Barsha Heights | 9.5% | 8 936 | 845 |
| Dubai Sports City | 9.3% | 6 779 | 620 |
| International City Ph 1 | 9.1% | 5 919 | 536 |
| Jumeirah Village Circle | 8.9% | 9 277 | 811 |
| International City Ph 2 & 3 | 8.8% | 6 844 | 584 |
| Arjan | 8.7% | 9 527 | 818 |
| Silicon Oasis | 8.6% | 7 699 | 591 |
| Dubai Land Residence Complex | 8.5% | 6 587 | 547 |
| Jumeirah Village Triangle | 8.5% | 9 101 | 739 |
| Al Furjan | 8.4% | 9 461 | 794 |
| Jumeirah Lakes Towers | 8.4% | 11 787 | 981 |
| Jabal Ali First | 8.3% | 11 368 | 941 |
And below are top-15 projects in Dubai by cap rate.
| Area name | Project name | Cap rate | Sale price, AED per sqm | Rent, AED per sqm per year |
|---|---|---|---|---|
| Dubai Sports City | The Spirit | 14.2% | 6 161 | 877 |
| Dubai Production City | Lago Vista | 11.6% | 5 765 | 670 |
| Dubai Production City | Lakeside | 10.5% | 6 724 | 707 |
| Dubai Sports City | Giovanni Boutique | 10.3% | 8 802 | 905 |
| Dubai Land Residence Complex | Sky Courts | 10.2% | 5 289 | 540 |
| Dubai Production City | The Crescent | 9.8% | 5 493 | 536 |
| International City Ph 1 | International City Emarati | 9.8% | 4 903 | 481 |
| Dubai Production City | Centrium Tower | 9.7% | 5 661 | 551 |
| Al Furjan | Azizi Samia Residence | 9.5% | 8 755 | 832 |
| Dubai South | Celestia | 9.5% | 6 989 | 666 |
| Dubai Sports City | Elite Ii Sports Residence | 9.5% | 7 505 | 711 |
| Remraam | Remraam | 9.5% | 6 514 | 617 |
| Al Furjan | Candace Acacia Hotel Apartments | 9.4% | 11 343 | 1 071 |
| Dubai Marina | Marina Pinnacle | 9.4% | 9 680 | 906 |
| Al Furjan | Candace Aster Hotel Apartments | 9.3% | 11 372 | 1 060 |
If you want deep dive into the most profitable areas and projects of Dubai, please get the report on the link below.
Dubai Residential Property Market Monitor, July 2023
Tags: Cap rates, Dubai, Property Monitor, Sales Prices
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