Despite increases in the cost of villas and apartments throughout the city, Dubai real estate continues to record high sales transactions.
Since the beginning of the year, flats in Dubai have increased in price by 21%, while villa prices have increased by 51%, according to Unique Properties.
More than 3,200 transactions totaling AED24.7 billion were reported by the Dubai Land Department (DLD) last week.
Recent Savills data shows that approximately 60,000 units were transferred in the first half of 2023, a 44 percent increase in real estate transactions.
Despite other top markets struggling, Dubai is continuing its momentum to see the anticipated increase of 15% in 2019.
Many residents have downsized as a result of the price increases that have affected rentals, some by more than 50%.
Arash Jalili, Founder and Chief Executive Officer of Unique Properties said, “Dubai is continually proving itself as a secure investment with several forward-thinking initiatives being introduced regularly and a provision of unparalleled stability in turbulent times. This is the primary catalyst behind the real estate market’s post-COVID resurgence and all signs indicate that there is no slowdown in sight. Despite rising prices, demand for buying and renting remains high and this will continue to be the case for the foreseeable future. While other major markets are beginning to dwindle, Dubai, and the UAE as a whole, are positioning themselves as the place to be for years to come.