According to a recent analysis, Dubai is expected to close the year on a high note, with property sales expected to surpass AED 400 billion ($108.9 billion).
According to Dubai-based real estate brokerage firm W Capital, the value of real estate sales since January 2023 has surpassed AED393 billion and is expected to rise by several billion dirhams more in the coming days, setting a new record for the year 2023. This information was released on Tuesday.
“There were more than 127,000 deals (already recorded since January), and with a week before the end of the year, it is expected to exceed AED400 billion,” said Walid Al Zarooni, CEO of W Capital, citing data from the Dubai Land Department (DLD).
The value of properties sold in Dubai has been exceeding AED1 billion every day, at times reaching more than AED3 billion or AED4 billion on some of the busiest days, according to a review of the daily transactions published by DLD.
Property Finder reports that over 12,000 sales transactions totaling AED 42.41 billion were recorded in the property market last month. Over 80% of the deals were for apartments, with townhouses and villas making up the remaining 18.8%.
A considerable number of domestic and foreign buyers, including those who favor prime real estate, have been drawn to Dubai.
Dubai’s real estate market is predicted to have the greatest annual prime price growth among the major markets Knight Frank monitors this year, at 14%.
In addition to waterfront properties, which are currently in demand, it was stated that residents and foreign buyers have been concentrating on Dubai’s most affluent neighborhoods, with inland villas offering luxury living in green settings.
“Despite ongoing global uncertainties with regard to inflation, interest rates, climate issues, conflicts and technological advancements, the Dubai property market is poised for a robust end to 2023,” Asteco also said in a separate report.