Market Snapshot September 2023

The Property Monitor Dynamic Price Index (DPI) tracks trends of residential property prices throughout 42 key communities in Dubai and is indexed to a base period of January 2008.

At an emirate-wide level, the index value for September 2023 increased by 2.28 index points to 172.04 from 169.76 in August 2023, representing a month-on-month increase of 1.35%. In September 2023, property prices stood at AED 1,232 per sq ft, down 0.12% from the market peak in September 2014 and are 57.0% above the market trough of April 2009. Property prices were last at these levels during the expansion phase of the previous market cycle in May 2014.

On a year-on-year basis, prices have increased by 17.74% in September and now marks 31 straight months of year-onyear increases, while on a year-to-date basis, prices have increased by 12.46% in September 2023 compared to 7.04% in September 2022.