"Dubai Real Estate Slows: Off-Plan Sales Drop 41.5% in September"

In September 2023, Dubai's residential real estate market witnesses an 8.3% decline with a total of 7,523 transactions, attributed to a substantial 41.5% drop in off-plan sales. Secondary market sales, however, increased by 30.5%. Year-to-date transaction volumes reached a record high of 87,154, despite the recent slowdown. Average property prices in Dubai saw a 19.6% increase in the year to September 2023, with apartments rising by 19.7% to AED1,357 per square foot and villas by 18.9% to AED1,605 per square foot. While apartment sales rates are 8.8% below 2014 levels, villa rates sit at 11.1% above. Downtown Dubai and Palm Jumeirah led in sales rates for apartments and villas, respectively. Rental growth has moderated, with a 20.6% increase in the past 12 months, down from 21.7% a month earlier.