In 2023... Dubai real estate is breaking records

Real estate sales in the Emirate of Dubai during the first half of this year recorded a growth of 56.7% compared to the first half of 2022. This growth was offset by a 42% increase in the number of deals.

The real estate market in the Emirate of Dubai continued to break records during the first half of this year, to record its best performance ever.

During the period from January to June 2023, Dubai recorded a jump in total real estate sales, exceeding $48 billion, with a growth of more than 56% compared to the same period last year, amid continued strong demand for all kinds of housing units.

Record performance

Data from the Dubai Land Department showed that the period from January to June 26, the last official working day in the past month, recorded a growth in the number of real estate transactions, including sales, mortgage and donation deals, by 31.3%, to exceed 75.2 thousand transactions with a total value of 254.8 billion dirhams. (Equivalent to $69.4 billion), with a growth of 53% compared to the first half of 2022.

This comes after a 52% growth during the first quarter of this year, when the value of real estate transactions exceeded the barrier of $34 billion.

The highest sales in the history of Dubai

During the first half of this year, the real estate market in Dubai witnessed total sales, including residential units, lands and buildings, of 179.4 billion dirhams (equivalent to 48.8 billion dollars), recording the highest semi-annual sales in the history of the market.

After a growth of 60% during the first quarter of this year, real estate sales recorded a growth during the first half of 56.7% compared to the first half of last year. This growth was offset by a 42% increase in the number of deals, which reached 61,026 sales by the end of last June 26.

Residential units accounted for the largest share of this number, with 47,892 deals worth more than $29.9 billion, and ready-made properties accounted for the lion's share of mid-term sales, recording about $29.7 billion.

The most expensive apartment

Palm Jumeirah topped the list of areas with the highest real estate sales value during the first half, with a value of 13.5 billion dirhams (equivalent to 3.7 billion dollars), resulting from 1,463 transactions, including 1,250 sales of residential units, with a value exceeding 9 billion dirhams (equivalent to 2.5 billion dollars).

In second place was Dubai Creek Harbor, with total sales of 10.3 billion dirhams (equivalent to $2.8 billion). In terms of the number of sales deals, Jumeirah Village Circle recorded the highest number of deals during the period from January to June, with 6,600 deals.

On April 29, Prime Minister Mostafa Madbouly said that the government aims to achieve $2 billion before the end of June 2023 from the government offering plan.

During the first half, specifically last May, Dubai witnessed the sale of the most expensive apartment in its history, at a value of 420 million dirhams (equivalent to 114.4 million dollars), within the Jumeirah Marsa Al Arab project, surpassing the previous record recorded last February when an apartment was sold in the Bulgari Lighthouse project on Jumeirah Bay Island for 410 million dirhams ($11.6 million).