Since the beginning of 2023 | Dubai real estate sales grow by 60%

Real estate market sales in Dubai since the beginning of 2023 until the end of July reached about 217 billion dirhams resulting from 72,101 transactions, compared to 136 billion dirhams through 49,999 transactions during the same period in 2022, with a growth of 60%.

According to data from the Dubai Land Department, 10 urban development areas in Dubai accounted for 43.5 percent of total sales, amounting to 94.3 billion dirhams.

"Palm Jumeirah" came in first place with a value exceeding 16 billion dirhams, followed by "Dubai Creek Harbour" in second place with a value of 11.71 billion dirhams, then "Burj Khalifa" in third place with 11.31 billion dirhams, and fourth place was "Business Bay" with 11.05 billion dirhams, "Dubai Marina" came in fifth place with a value of 9.59 billion dirhams.

"Jumeirah Village Circle" came in sixth place with a value of 7.5 billion dirhams, then "Al Hebiah Fifth" in seventh place with 7.36 billion dirhams, in eighth place "Al Quoz Second" with a value of 6.83 billion dirhams, then "Dubai Hills Estate" with a value close to 6.83 billion dirhams, and finally "Dubai Harbour" with a value of 6.1 billion dirhams.

The latest data released by Zoom Property Insights expects that real estate prices in Dubai will rise by up to 20 percent on average, and that the luxury housing sector will continue to dominate by 13.5 percent on a year-on-year basis in 2023.

This comes amid a greater increase in real estate prices and annual rents and growing interest from high-net-worth individuals and foreign investors.

Edited by: Emtidad Global©