It became known how much real estate sold in Dubai in the first nine months of the year

The number of sales increased by 33.8% and the total value of transactions by 36.7% year-on-year.

According to the latest data from the Dubai Land Department, 116,116 new real estate transactions worth about AED 429.6 billion ($117 billion) were recorded in Dubai in the first nine months of 2023 amid continued growth in the emirate’s economy.

Dynamics. The number of transactions grew by 33.8% year-on-year, while the value grew by more than 36.7% over the same period.

The growth of this sector is perfectly aligned with Dubai’s proactive economic program to enhance the emirate’s competitiveness and attractiveness to global investors,” said Sultan bin Mejren, Director General of Dubai Land Department.

The neighborhoods. Al Barsha South Four topped the ranking in terms of transaction volume with 10,351 transactions during the corresponding period. This is followed by Dubai Marina (9,071), Business Bay (7,414) and Wadi Al Safa 5 (5,602).

Al Merkadh, Al Thanyah 5, Burj Khalifa, Al Khiran First, Hadaeq Mohammed bin Rashid and Jebel Ali First round out the top ten districts with the largest number of transactions.

In terms of sales value, Dubai Marina topped the ranking with transactions worth more than AED 36.7 billion during the period, followed by Palm Jumeirah (AED 28.51 billion), Jebel Ali Industrial First (AED 27.93 billion) and Wadi Al Safa 3 (AED 25.33 billion).

Business Bay, Burj Khalifa, Al Merkadh, Al Khairan First, Hadaeq Mohammed bin Rashid and Jebel Ali First were also in the top 10 in terms of total transaction value.

Dubai’s real estate market has recovered quickly from the downturn caused by the coronavirus, helped by government initiatives such as the provision of residency permits for retirees and remote workers, as well as the expansion of the 10-year golden visa program.

The emirate’s residential real estate market recorded the highest quarterly price growth in a decade in the third quarter amid rising demand for property in Dubai, according to a report by real estate consultancy ValuStrat.

The real estate market’s momentum comes amid strong economic growth. Dubai’s economy is forecast to strengthen by 3.5% in 2023 after growing 4.4% last year, according to Emirates NBD Bank.

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