Dubai’s real estate market witnessed a robust performance on Tuesday, as indicated by data released by Dubai’s Land Department (DLD). A total of 630 sales transactions recorded a value of AED 1.65B. Additionally, buyers engaged in 127 mortgage deals worth AED 244.89M and 23 gift deals amounting to AED 104.71M.
Among the sales transactions, buyers purchased 589 villas and apartments, with a combined value of AED 1.35B. Additionally, WAM reports that 41 land plots were sold for AED 306.98M.
Regarding mortgages, 111 villas and apartments were mortgaged for a total of AED 220.08M, while 16 land plots were mortgaged for AED 24.81M. In total, the day’s real estate transactions surpassed AED 2B.
These figures indicate sustained investor confidence and interest in Dubai’s real estate sector, solidifying its reputation as a thriving market for both residential and land properties.
Read about Dubai Real Estate Surges with $735M in Transactions on Monday
Due to a large number of foreign investors coming in, along with the projected rapid expansion of the UAE’s economy and favorable government policies, experts anticipate significant growth in the real estate sector in the city during the current quarter.
The consensus among experts is that the real estate market in Dubai will maintain its growth trajectory. Realiste’s AI forecast indicates that certain regions will experience consistent price increases throughout 2023.
Realiste’s Index predicts that Dubai’s real estate market will maintain its position at the forefront of global price rankings in 2023. The index expects prices for luxury properties to increase by 6.7% to 20.3% this year, surpassing other regions worldwide. Realiste’s AI forecasts rental yields ranging from 7.3% to 8.3% in the top areas of Dubai in 2023.
