Dubai Property Market Sizzles: $117 Billion in Deals in First 9 Months of 2023

Dubai Property Market Sizzles: $117 Billion in Deals in First 9 Months of 2023

Dubai saw a total of 116,116 new property transactions valued at approximately Dh429.6 billion ($117 billion) in the first nine months of 2023. This growth reflects the ongoing economic expansion in the emirate, according to the latest data from the Dubai Land Department.

The total number of transactions surged by 33.8 percent compared to the previous year, with values increasing by over 36.7 percent during the same period.

Sultan bin Mejren, the director general of the Dubai Land Department, said, “This sector’s growth aligns perfectly with Dubai’s proactive economic agenda aimed at enhancing the emirate’s competitiveness and attractiveness to global investors.”

Al Barsha South Four led in terms of transaction volumes with 10,351 deals during the period. This was followed by Dubai Marina with 9,071 transactions, Business Bay with 7,414, and Wadi Al Safa 5 with 5,602 transactions.

Al Merkadh, Al Thanyah 5, Burj Khalifa, Al Khiran First, Hadaeq Mohammed bin Rashid, and Jebel Ali First rounded out the top 10 in terms of transactions.

In terms of value, Dubai Marina ranked at the top with more than Dh36.7 billion worth of deals during the period, followed by Palm Jumeirah at Dh28.51 billion, Jebel Ali Industrial First at Dh27.93 billion, and Wadi Al Safa 3 with Dh25.33 billion.

Other areas with significant deal values included Business Bay, Burj Khalifa, Al Merkadh, Al Khairan First, Hadaeq Mohammed bin Rashid, and Jebel Ali First.

Dubai Marina claimed the top spot among the top 10 areas in terms of mortgage deals, with 1,186 transactions, followed by Al Thanyah Fifth, Al Barsha South Fourth, and Burj Khalifa.

Dubai’s property market has made a strong recovery from the slowdown caused by the pandemic, supported by government initiatives such as residency permits for retirees and remote workers, as well as the expansion of the 10-year golden visa program.

In the third quarter, Dubai’s residential market saw its most significant quarterly price increase in a decade, driven by high property demand in Dubai, as reported by property consultancy ValuStrat.

The ValuStrat Price Index (VPI) for Dubai’s residential market increased by 6.1 percent in the third quarter, with villa and apartment prices rising by 7.6 percent and 4.8 percent, respectively.

These positive trends in the property market coincide with Dubai’s strong economic growth. Emirates NBD forecasts a 3.5 percent growth in Dubai’s economy for 2023, following a 4.4 percent expansion in the previous year.

Dubai has retained its position as the world’s leading destination for attracting greenfield foreign direct investment (FDI) projects in the first half of this year, solidifying its status as a global FDI hub despite global economic challenges. This information comes from Dubai Media Office, citing Financial Times fDi Markets data, which indicates that the emirate attracted 511 greenfield projects during the period, surpassing second-placed Singapore by 325 projects.


Publish Date: Oct 31, 2023


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