Almost half the projects due that quarter were handed over late
A quarter of 2023 is useful not for its records but for one number reported less often — and it is the number that makes the choice of developer matter more than the choice of layout.
The results of the third quarter of 2023 on the Dubai market are useful not for their records but for several measures that get discussed less often.
The headline numbers
- 31 399 transactions — 23% more than a year earlier and 4% more than the previous quarter.
- Value: +40% year on year and +7% quarter on quarter.
- A sharp rise in land transactions — more than double the previous quarter and almost triple the year before. Apartments meanwhile stopped growing quarter on quarter.
What the structure shows
Land and villas outpacing on price per square foot indicates a shift of investment interest: buyers putting money into land for residential and commercial development, and into formats there is physically less of.
JVC, Business Bay, MBR City and Arjan led on transaction count; Dubai Marina led by a wide margin on value. Almost 80% of transactions were on properties below AED 3m, and 32% below a million.
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Mortgages: an important detail
The number of mortgage transactions rose 53% over the year while the total amount advanced by banks fell. That means a trend towards larger deposits and cheaper properties financed — the buyer became more careful with leverage.
The quarter's main figure
Almost half the projects due for handover that quarter were delivered late. That is the circumstance that makes the choice of developer more important than the choice of layout. A delay pushes back the start of the rental flow, breaks resale and relocation plans, and compensation for it is usually not provided for in the contract.
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