During the week ending 13 January 2023, real estate and property deals amounted to almost AED 6.10 billion. There were a total of 2,106 transactions, more than the first week of January.
A hotel apartment in Akoya Oxygen was sold for AED 785,700, another property in the same building sold for AED 1996,86, and a third unit in Al Furjan went for AED 4,985,80, making up the top three sales.
A total of AED 1.50 billion was mortgaged in the second week of January, with the most expensive being a plot of land in Al Barari, Seventh Heaven – Ashjar, which was mortgaged for AED 1,598,784.
Overall, AED 492.98 million worth of property was gifted to first-degree relatives.
Luxury Real Estate Market UAE Kept its Momentum On January 12, Week’s Highest Sales Day
The real estate market in Dubai saw higher revenue of AED 1.45 billion on the fourth day of the second week of the new year. However, it’s less than the first week of January, as evident from the glimpse from the first week of January 2023.
In Dubai’s real estate market, 431 properties increased in value, with 73 mortgage deals for AED 464.03 million and 20 gift deals worth AED 18.34 million. Moreover, Azizi Shaista Residence flats in Al Furjan are selling the fastest for a total of AED 904,000.
The top three sales on 12 January 2023, according to DLD mortgage transaction details, were as follows: an Arjan apartment with a per-square-meter value of 7,181 sold for AED 800,000 (total transaction 1), a Bluewaters apartment with a per-square-meter value of 14,236 sold for AED 2,121,456 (total transaction 1), and a Burj Khalifa apartment with a per-square-meter value of 25,673 sold for AED 2,695,000 (total transactions 2).
Experts Predict that Real Estate Price Increases Will Subside in 2023
As Dubai reopened during the pandemic before other major cities, and as wealthy buyers snatched up luxury units, the real estate market there saw a boom in 2020 after having been stagnant since the oil price fall of 2014 and 2015.
After increasing by 11% in 2022, which was a drop from 2021’s 21% increase, this year’s price increases are predicted to be around 5%. After a record year in which the number of properties sold in Dubai increased by over 60%, experts predict that price increases will subside in 2023.
Demand has not been hindered by interest rate hikes. However, the luxury properties for sale in UAE are undoubtedly influencing buyers’ propensity and ability to pay higher prices for properties.
According to a report, in 2022, non-resident Russians made up 15% of purchases, followed by Britons at 12%, Indians at 11%, Italians at 7%, and French at 4%. Sixth place went to buyers from Pakistan, seventh to Lebanon, eighth to China, ninth to the United States and Canada, and tenth to Kyrgyzstan.
After the conflict in Ukraine, many Russians flocked to Dubai in search of economic opportunities. Many of them purchased luxury apartments in the Palm Jumeirah and Downtown neighborhoods.
The majority of Dubai residents are Indian, followed by Britons, Russians, Italians, and Canadians as buyers. The majority of people living in the United Arab Emirates are not indigenous to the country.
In volume terms, apartment sales increased by 73% in 2022, while sales of villas, which sparked the rebound in 2020, increased by just 3%, as seen in the real estate activity report for the last week of 2022. This disparity can be attributed to a shortage of villas in the ready and off-plan markets. Lack of supply in this market as a result of population expansion led to the addition of 34,000 new real estate units in 2022 and an anticipated 30,000 to 35,000 new units in 2023.
Top 7 Brand-New Dubai Real Estate Projects that Hit the Market in January 2023
RESIDENCE 110:
- The Residence 110 by Select Group is a luxury development set to rise 19 stories above Business Bay.
- The building features luxury living with a variety of one to three-bedroom apartments for sale, each with floor-to-ceiling skylights, private baths, and an entire kitchenette.
- The amenities at Residence 110 include a swimming pool, a bicycle path, a 24-hour gym, sunbathing, and a sauna.
ORLA:
- Orla by Omniyat is an ultra-luxury property in Palm Jumeirah managed by the prestigious Dorchester Collection.
- The 14-story complex will accommodate some of the largest residences in Dubai and will feature 86 luxury 2 to 4-bedroom apartments for sale.
- Each apartment will have soaring two-story ceilings, expansive outdoor living spaces, and high-end European facilities.
- In addition to apartments, Orla will have a 300 sq. m. beach resort, a private theater, an outdoor pool, a fitness center, a reading room, and a business center with conference rooms.
WASL TOWER:
- Wasl Tower is a 63-story building on Sheikh Zayed Road in Dubai, constructed by Wasl Properties.
- The 300-meter-tall blended structure will have a ceramic veneer to keep the interior at a constant temperature and muffle outside noise.
- This part of the Mandarin Oriental Hotel in Dubai will include 258 hotel rooms on floors 16 through 38 and 229 apartments on floors 39 and higher.
- Moreover, it will include over 17,200 square meters of office space, a helipad, and a light museum are all planned for the skyscraper.
NOVA:
- Binghatti is planning to construct a 15-story building in Jumeirah Village Circle called Nova.
- The building will contain 1 and 2-bedroom apartments for sale with exquisite interiors and finishes.
- There will be also be a parking lot for those who require it.
- Amenities include swimming pools, barbeque areas, sports courts, running tracks, landscaped gardens, stores, restaurants, and a gym.
SOBHA ONE RESIDENCES:
- Sobha One Residences, situated in Sobha Hartland, is set to become one of Dubai’s prime locations.
- One to four-bedroom apartments for sale with amazing views of the Burj Khalifa and Creek Tower in Downtown Dubai will be available in the complex’s five towers.
- The Ras Al Khor Wildlife Sanctuary, Palm Jumeirah, and Dubai International Airport will all be within a ten to twenty-minute drive from the upcoming Sobha One Residences.
IBIZA:
- Ibiza by Damac Properties is the next hotly awaited development in the United Arab Emirates. The development is inspired by the “Wonders of the Mediterranean.”
- Light-filled living areas, large bedrooms, and sleek kitchens are just some of the amenities that will be standard in the project’s four and five-bedroom luxury residences. There will also be a tapas lounge, a colorful patio, and pristine gardens in Ibiza.
MAG 22:
- To add to Dubai’s growing list of promising developments, MAG has announced plans for MAG 22. Located in Mohammed Bin Rashid City’s District 7, these high-end residences will have sleek modern decor and first-rate features.
- Mag 22’s amenities will include a swimming pool, fitness center, and play places for children, in addition to the apartments themselves.
As a result of demographic shifts, increased urbanization, and government support, the UAE real estate market has been expanding steadily in recent years. Dubai is home to a diverse range of desirable real estate. The government has been pushing for more commercial and residential development to meet the requirements of the rising population.