New historical heights for Dubai property sales

Dubai is set to end the year on a highly successful note, with property sales expected to surpass AED 400B (USD 109B), judging by the DLD data. Since January 2023, the total value of real estate sales has already reached over AED 393 billion, and this figure is projected to rise by a few billion dirhams, setting a new record for 2023.

The daily transactions reported by the DLD also indicate that the value of properties sold in Dubai has consistently exceeded AED 1B (USD 272.2M) per day, and on occasion, the sales have reached more than AED 3B (AED 816.8M) or AED 4B (USD 1.08B) during the busiest periods. In November alone, the property market witnessed over 12,000 sales transactions, amounting to AED 42.41B (USD 11.5B), as reported by Property Finder. The majority of these transactions were for apartments, accounting for over 80% of the total, while villas and townhouses made up 18.8%.

Dubai has been attracting a significant influx of buyers from both local and international markets, particularly those seeking prime real estate opportunities in the emirate. The demand for luxury living in greener environments, as well as waterfront properties, has been on the rise, particularly in Dubai’s most affluent neighbourhoods.

All in all, despite the prevailing global uncertainties related to inflation, interest rates, climate issues, conflicts, and technological advancements, the local property market is going strong. This increases investors’ confidence in the security of their real estate assets, which is unlikely to be affected by ongoing force-majeures.