Dubai real estate transactions reach AED 177B (USD 48B)

The real estate sector in Dubai shows no sign of slowing down as the first half of 2023 witnessed over AED 177B (USD 48B) in sales. With more than 60,000 transactions completed, the residential and commercial real estate markets saw a growth of 46.7% and 30%, respectively.

Two of the biggest transactions included the sale of a land plot near Al Maktoum International Airport, spanning 203 million sq. ft and sold for AED 3.8B (USD 1B), and an apartment in the exclusive Bulgari Residence on Jumeirah bay Island, valued at AED 410M (USD 112M).

As of July 2023, Dubai is ranked the number one city in the world for luxury home price growth, even surpassing Paris, New York, and London, according to the Savills World Cities Prime Residential Index.

Dubai continues to lead by example in providing opportunities for expats to purchase property, high net worth individuals to live a world class luxury lifestyle, and for entrepreneurs and business owners to conduct business and make a profit. In addition to reformed visa programs, including the coveted 10-year Golden Visa, the UAE is implementing progressive strategies to maintain prosperity and attract continued growth.