$24.2 billion .. A strong jump in real estate sales in Dubai

The real estate market in Dubai maintained its momentum during the first quarter of this year, and showed high resilience compared to other global markets.

During the period from January to March 2023, total real estate sales jumped to more than $24 billion, driven by the growth in demand for residential units of all kinds, amid expectations of continued positive growth during the coming quarters.

Strong jump in sales

Data from the Dubai Land Department showed that total sales, including housing units, lands and buildings, amounted to about 88.73 billion dirhams (equivalent to 24.2 billion dollars) during the first quarter of 2023, recording a growth of 60% compared to the same period last year.

This figure resulted from a total of 30,895 deals, an increase of 50.5% on an annual basis. Residential units accounted for the largest share of this number, with 23,809 deals worth more than $11.5 billion, despite the increase in the average prices of apartments and villas, between 3 and 15% on an annual basis. According to a report by the Dubai-based real estate website "Bayut".

Dubai real estate is setting records

During March alone, the value of Dubai real estate transactions grew by more than 53% year-on-year, to reach 34.14 billion dirhams (equivalent to 9.1 billion dollars) through the execution of 12,155 deals, recording their highest levels in 10 years.

From January to March, the value of real estate transactions in the Dubai market exceeded $34.7 billion, with an annual growth of 51.8%.

During the past year, the value of Dubai real estate transactions exceeded the barrier of 500 billion dirhams (equivalent to 136.2 billion dollars) for the first time ever, after it also recorded exceptional performance during 2021 when it reached 300 billion dirhams, equivalent to 81.7 billion dollars for the first time.

Dubai.. the city of luxury real estate

Dubai is the fourth most active market for luxury real estate in the world. During the past year, it witnessed 219 sales of luxury real estate, each valued at $10 million or more, despite the increase in prices for this category of real estate by 44% on an annual basis, according to a report by the London-based Knight Frank. headquarters.

During the first quarter of 2023, the luxury real estate market in Dubai witnessed transactions of about 14.7 billion dirhams (equivalent to 4 billion dollars), and a growth in sales of villas and townhouses by about 35.5% on an annual basis, amid an increase in average prices by rates ranging from 27 to 37%. According to Dubai-based Luxpetat Sotheby's International.

Expected growth

The CEO and founder of the Dubai-based Formin Vividon Real Estate Investment Company, Adel Akhtar, said in a statement to Arabian Business magazine that the real estate market in Dubai is expected to grow during the second and third quarters, by 10 and 12%, respectively.

He added that the strong performance of the off-plan residential sector is evidence of the Dubai market's attractiveness to investors and an indication of its future growth. It is noteworthy that off-plan real estate sales in Dubai jumped 95% year-on-year in March alone.