Dubai’s real estate sector is experiencing substantial growth in 2023, with sales reaching AED 177B ($48.2B) in the first half, according to Dubai-based real estate company Unique Properties.
The residential property market saw a significant 46.71 percent increase, while the commercial sector also grew by 30 percent, totaling more than 60,440 transactions. Notable among these transactions was the AED 3.8B sale of 203 million square feet of land near Maktoum International Airport. Additionally, the highest-priced apartment sale was AED 410M at the Bulgari Residences on Jumeirah Bay Island.
Dubai has also been recognized as the top city in the world for luxury home price growth, with an impressive 11.2 percent increase, surpassing cities like London, New York, and Paris, as per the ‘Savills World Cities Prime Residential Index.’
Arash Jalili, Founder and Chief Executive Officer of Unique Properties, UAE HQ, emphasized that Dubai continues to set the standard as a premier destination for both residential and commercial sectors, paving the way for everyone and showcasing its prominence in the global real estate market.
“Whether it is expatriates who are looking to enter the market for strong business opportunities or high net worth individuals (HNWIs) wanting to experience the luxury lifestyle that Dubai has to offer, the city is always committed to providing a multitude of benefits that cater to everyone’s needs, coupled with the UAE government’s initiatives to further strengthening the sector.”
“A strong Golden Visa programme, real estate regulations that safeguard investors’ interests, and full business ownership incentives are just some additional factors to ensure that the sector will always maintain its prosperity, while continuing to attract more expatriates into the UAE,” he added.
