Dubai real estate: Property sales in 2023 set to exceed $108bln
Dubai is set to conclude the year on a highly positive note, as recent analysis suggests that property sales are expected to surpass AED 400 billion ($108.9 billion).
A glance at the daily transactions reported by the Dubai Land Department reveals that the daily value of property sales in Dubai consistently exceeds AED 1 billion, occasionally reaching over AED 3 billion or AED 4 billion on particularly busy days.
In the previous month, the property market documented over 12,000 sales transactions amounting to AED 42.41 billion, as reported by Property Finder. The majority of these transactions were related to apartments, constituting more than 80%, while villas and townhouses made up 18.8%.
Dubai continues to attract a substantial number of buyers, both locally and internationally, with a particular interest from those seeking prime real estate. The city’s property market is anticipated to achieve an annual prime price growth of 14% this year, surpassing other major markets monitored by Knight Frank.
The report highlights that residents and international buyers alike are directing their attention to Dubai’s most affluent neighborhoods, where inland villas provide luxurious living in lush surroundings. Additionally, waterfront properties are currently in high demand.
Despite ongoing global uncertainties with regard to inflation, interest rates, climate issues, conflicts and technological advancements, the Dubai property market is poised for a robust end to 2023.