Dubai’s real estate market experienced a surge in activity on Thursday, as indicated by data from Dubai’s Land Department (DLD). The records show that 604 sales transactions were recorded, resulting in a substantial amount of AED 2.1B.
These sales comprised 557 villas and apartments valued at AED1.66 billion, along with 47 land plots valued at AED 433.96M.
In addition, individuals completed 106 mortgage deals, reaching a total value of AED 337.09M. Among these mortgages, 94 involved villas and apartments, with a cumulative worth of AED 249.85M, while the remaining 12 pertained to land plots valued at AED 87.24M.
Furthermore, the DLD data also revealed 32 gift deals, totaling AED 158.95M. This demonstrates further activity and interest in the real estate sector, according to WAM.
Combining all the transactions, Thursday’s real estate market activity in Dubai surpassed AED 2.5B, emphasizing the robustness and vitality of the industry in the region.
Dubai’s Real Estate Market Forecasts 2023
Dubai continues to be a highly desirable global investment destination due to its strong financial foundation and thriving economy, offering promising prospects for growth.
The CBRE predicts a positive outlook for property prices and rental growth in Dubai this year. Recent research indicates that the emirate’s booming property sector will experience further expansion, with an estimated growth of 46% in 2023. Housing experts anticipate the delivery of 30,000 to 35,000 new housing units during the current year.
In early 2023, the announcement of the Strategic Plan 2026 revealed Dubai’s ambition to become one of the world’s premier property markets. The emirate aims to provide innovative real estate solutions, promote investment confidence through data-driven approaches, and implement global standards within the industry.
Dubai offers an attractive investment environment due to various factors, including support for small and medium-sized enterprises and a flexible business environment. Business professionals and entrepreneurs seeking housing consider purchasing property in Dubai to be a wise investment due to the high demand.
Despite the energy crisis and geopolitical instability, Dubai will maintain its appeal to foreign investors seeking to safeguard its assets. Experts anticipate that the emirate’s strengthening position will lead to an increase in demand for property throughout 2023.
Experts predict an upward trend in Dubai’s real estate market in 2023, with local prices projected to rise by at least 10-15%. Experts expect significant growth in undervalued districts with lower real estate prices. For instance, in 2022, the vibrant Jumeirah Village Triangle district witnessed a 62% price increase, with average property costs reaching AED 731,000 (USD 199,000). Experts anticipate a further 29% growth in real estate prices in the section this year.
