Recent Developments & Emerging Trends in Dubai’s Real Estate World February 2023

Dubai Luxury property

 Recent Developments & Emerging Trends in Dubai’s Real Estate World February 2023

The real estate market in Dubai 2023 is continuously growing and evolving, attracting both the wealthy landlords and the visitors. The question here arises, does the increasing interest rates have any impact on the real estate market of Dubai? Of course, to some extent, it surely does! But according to market analysts, executives, and other industry stakeholders in the UAE, the preponderance of real estate transactions are conducted with cash, hence the market is immune to rising interest rates.

On the other hand, some real estate companies also predict that, in 2023, due to the result of rising interest rates, Dubai’s real estate market would decline. Moreover, after the Federal Reserve raised interest rates by 0.25% on the 2nd of February, the Central Bank of the UAE increased its base rate for the Overnight Deposit Facility (ODF) by the same amount, bringing it to 4.65%.

After increasing by 11% in 2022, experts predict that the market will slow to a stable increase of up to 5% in 2023. There is a possibility that the real estate market will take a different path in 2023, as seen in the real estate property news for the week ending February 3, 2023, in particular because of the impact of rising interest rates on consumers’ purchasing power. So let’s see what else comes on the way!

Weekly Update on the Real Estate Market for the Week Ending February 10, 2023

During the week ending 10 February 2023, real estate and property deals amounted to AED 5.97 billion. There were a total of 2,309 transactions consisting of:   

  • 1,654 units 
  • 257 buildings 
  • 398 lands  

Let’s have a look at the top three sales from 6th February to 10th February 2023. Akoya Oxygen recorded the highest sales in this week, and also in the past month, as seen in the ten days of Dubai real estate market January 2023 summarised.

Dubai Real Estate Market

Here are the details of the properties that are sold this week:   

  • Flats in Akoya Oxygen, in areas of Damac Hills (2) Viridis, were sold for AED 2,454,550
  • Hotel apartments in Akoya Oxygen, Damac Hills (2) Viridis, were sold for AED 1,579,290.
  • Third top sale in this week was in Al Barsha First, flats in Al Barsha First (Non-project), that went for AED 1,365,000. 

A total of AED 3.47 billion was mortgaged in this week, with the most expensive being flats in Akoya Oxygen, Damac Hills (2) – Viridis, which was mortgaged for AED 408,000.

Overall, AED 292.38 million worth of property was gifted to first-degree relatives with 88 transactions.  

Week’s Off-Plan Transactions with the Highest Volume & Value

The real estate market in Dubai saw higher revenue of AED 1.54 billion this week on 7 February 2023. Al Furjan, representing the vibrant and popular area of Dubai, recorded transaction with greatest price and value. The top three sales on 7 February 2023, according to DLD mortgage transaction details, are as follows:  

  • Al Furjan hotel apartment, Montrell Hotel Apartments, with a per-square-meter value of 8,674 sold for AED 618,350 (total transaction 1). 
  • Al Furjan hotel apartment, Azizi Star Hotel Apartments and Azizi Plaza Hotel Apartments with a per-square-meter value of 59,618 sold for AED 2,138,820 (total transaction 5). 
  • Al Khail Heights flat, with a per-square-meter value of 8,317 sold for AED 395,000 (total transaction 1).  

The Dubai Land Department – Primary Sponsor of The International Property Show 2023

The 19th edition of The Worldwide Property Show, hosted by Strategic Exhibitions & Conferences, is the largest venue in the Middle East for selling real estate to local and international markets, and the Dubai Land Department is present to help facilitate these transactions. 

If you are interested in the real estate world of Dubai, then you should never miss this show at any cost as The Dubai Land Department will be showcasing its updated vision, mission, and plan for 2026, in addition to launching many ground-breaking initiatives, in order to communicate with real estate investors, customers, and stakeholders and consolidate their confidence in Dubai’s real estate sector. Isn’t this amazing? It is indeed!   

Top 7 New Dubai Projects to Hit the Market in February 2023

Dubai Marina

Belmont Residences:

Belmont Residences

Ellington Properties’ Belmont Residences in Jumeirah Village Triangle will be a 5-story building (JVT). Studio and two-bedroom apartments in the building will include luxurious finishes and fittings. Approximately 25 minutes will take you to the Burj Khalifa, and the same amount of time will get you to the Dubai International Airport from the Belmont Residences.

Avenue Residence 4:

Avenue Residence 4

Another upcoming Dubai apartment building is Avenue Residence 4 by Nabni Real Estate Developments. A total of 130 apartments, ranging in size from studios to three-bedrooms, will be located in this 12-story structure in Al Furjan. The building’s proximity to The Walk, JBR, and The Els Club is a major selling point.

Upper House:

Ellington Upper House at Jumeirah Lake Towers

Upper House, also by Ellington Properties, comes up next. These luxury residences at Jumeirah Lake Towers (JLT) will range in size from studios to three-bedroom flats and penthouses, all of which will feature smart home technology. Facilities for residents include a lap pool, a children’s splash pad, an urban basketball court, a barbecue area, a yoga studio, a movie theater, and more.  

The Ritz – Carlton Residences:

The Ritz Carlton Residences Dubai

The Ritz-Carlton Residences, located in Dubai’s exclusive Business Bay neighborhood, will appeal to those in search of a luxurious lifestyle.

The 73 apartments range in size from one to three bedrooms and will all be fully furnished. Kitchens and living rooms in the apartments will both be well-planned and furnished with oak flooring. There will be a specialty spa, a fitness center, a cafe, a theater, and more available to the residents. 

Sobha Seahaven:

Sobha Seahaven Apartments for sale

Sobha Seahaven, an apartment complex on Dubai Marina’s water, is being developed by the company. One to four-bedroom apartments with breathtaking views of Palm Jumeirah, Burj Al Arab, and Ain Dubai will be available in the development. Among the many conveniences available to the homeowners are a medical center, fitness center, children’s play area, and a parking garage.


Elora At The Valley By Emaar

Elora at The Valley by Emaar Properties, which promises “blissful harmony with nature,” is perfect for individuals who want to escape the noise and chaos of the city. It will provide numerous conveniences, entertainment options, medical care options, and academic opportunities.

The Jouri Hills:

The Jouri Hills

294 luxury residences, ranging in size from 3-bedroom townhomes to 6-bedroom mansions, will be enclosed by ARADA’s Jouri Hills development in Jumeirah Golf Estates. Each property will have a modern design, complete with open floor plans, large windows, and swimming pools. Each unit will feature high-quality appliances like a built-in dishwasher, refrigerator, and microwave. The neighborhood features easy access to parks, dining options, retail options, and even a golf course for its residents.



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