The Dubai real estate market witnessed a robust performance on Monday, with Dubai’s Land Department (DLD) reporting a total of 593 sales transactions valued at AED 1.86B. Additionally, there were 122 mortgage deals amounting to AED 595.16M and 26 gift deals totaling AED 247.18M.
Out of the sales transactions, 556 villas and apartments were sold, reaching a collective worth of AED 1.62B. Furthermore, 37 land plots were also part of the sales, valued at AED 240.92M, according to WAM.
In terms of mortgages, there were 96 villas and apartments involved, with a total value of AED 265.63M. Additionally, 26 land plots were included in the mortgage deals, valued at AED 329.53M.
Overall, these transactions contributed to a substantial realty activity, surpassing AED 2.7B on Monday.
The real estate sector in the city is expected to experience significant growth in the current quarter 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.
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.
According to Realiste’s Index, it is expected that Dubai’s real estate market will maintain its position at the forefront of global price rankings in 2023. Prices for luxury properties are projected 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.
