Dubai sees record growth in real estate sales

The number of real estate transactions in the Dubai market increased by 78% year-on-year in May 2023.

Dubai real estate sales rose 78% year-on-year in May 2023 as demand strengthened amid sustained economic growth, according to the Property Finder website. The emirate recorded 11,700 real estate transactions, up from 6,587 in May 2022.

Meanwhile, the total value of real estate transactions rose to AED 34 billion ($9.3 billion) last month from AED 26.5 billion ($7.2 billion) recorded during the same period in 2022 (+28.3%).

Features. Property transactions under construction significantly supported the growth of Dubai’s real estate market in May, accounting for 49% of total transactions and 43% of total sales.

Sales of properties under construction rose to more than 5,700 transactions, up 110% year-on-year from the 2,716 transactions recorded a year earlier. The increase was reflected in the total value of unfinished properties, which rose nearly 136% to more than AED 14.5 billion ($3.95 billion), surpassing the AED 6.15 billion ($1.67 billion) recorded in April 2022.

Quote. “May 2023 once again confirmed the fact that Dubai’s real estate sector continues to thrive amidst a largely dynamic real estate landscape,” said Scott Bond, Property Finder’s regional manager for the UAE.

“It is interesting to see a significant increase in transactions of properties under construction, hinting at a future in which there will be no slowdown… growth since April has been remarkable with a significant increase in value,” added the expert.

Neighborhoods. According to the latest Property Finder data, the most sought-after areas to buy apartments in May were Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah and Jumeirah Village Circle.

The data showed that properties in Dubai Hills Estate, Palm Jumeirah, Arabian Ranches and Damac Hills were preferred by buyers who wanted to own villas and townhouses.

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