Real Estate Property News for the Week Ending February 3, 2023

Business Bay, JVC and Dubai Marina

Great news for the investors, homebuyers and for everyone who is willing to move to United Arab Emirates and always keep a check on the world of real estate Dubai! Would you believe in comparison to January 2022, the number of property sales in Dubai jumped by over 128% with 9,809 recorded transactions in the month of January 2023? Yes, that’s true, as these figures are just released by the Dubai Land Department! Last year around the same time, the recorded transactions were 5,739, indeed a big difference! This clearly shows that Dubai real estate is booming with no chances of setting back. 

During the week ending 3 February 2023, real estate and property deals amounted to AED 7.31 billion. There were a total of 2,157 transactions consisting of:   

  • 1,695 units 
  • 142 buildings 
  • 320 lands  

Let’s have a look at the top three sales from 30th January to 3rd February 2023. Akoya Oxygen recorded the highest sales in all four weeks of January, as seen in the real estate deals for the week ending on January 13, 2023. Here are the details of the properties that were sold this week:   

  • Flats in Akoya Oxygen, in areas of Damac Hills (2) Viridis, were sold for AED 3,240,170
  • Hotel apartments in Akoya Oxygen, Damac Hills (2) Viridis, were sold for AED 1,991,980.
  • Third top sale in this week was in Al Barari, flats in Seventh Heavens, that went for AED 11,200,000

A total of AED 1.65 billion was mortgaged in this week, with the most expensive being flats in Al Barari, Seventh Heaven, which was mortgaged for AED 2,350,000. 

Overall, AED 664.66 million worth of property was gifted to first-degree relatives with 73 transactions.  

Highest Volume & Value for Off-Plan Transactions This Week

Dubai Real Estate Market in 2023

The real estate market in Dubai saw higher revenue of AED 1.45 billion this week on 31 January 2023. Burj Khalifa, representing the heart and soul of Dubai, recording a great number of 9 transactions. The top three sales on 31 January 2023, according to DLD mortgage transaction details, are as follows:  

  • Al Furjan flat, Al Furjan (non-project), with a per-square-meter value of 7,830 sold for AED 1,017,600 (total transaction 1). 
  • Al Kifaf flat, 1 Residences, with a per-square-meter value of 13,092 sold for AED 1,880,000 (total transaction 1). 
  • Burj Khalifa flats, Burj Al Nujoom, Burj Khalifa Towers, Mon Reve, Claren 1, Burj Khalifa (Non-Project), Mada Residences Tower, Burj Vista, and Burj Royale, with a per-square-meter value of 97,000 sold for AED 11,666,500 (total transactions 9).    

Chinese Investors Excepted to Return to Dubai Real Estate February 2023

Did you know this month in 2023, Chinese purchases or investors of real estate in Dubai have done transactions totaling over AED 64 million? And it is said that it is just the beginning! After falling off the list of top property purchases in the UAE during the Covid epidemic, Chinese buyers appear poised to recover their position at the top at the beginning of the year 2023. And it surely had a great impact on Dubai real estate, if we take a glimpse of the first week of January 2023, many Dubai real estate companies have reported an increase in investment activity.  

Starting in February 2023, Chinese groups will once again be able to visit a select group of 20 countries, including the United Arab Emirates. Isn’t this a great thing for the prosperity of real estate in Dubai? Well, it is for sure! Moreover, it has been declared by China’s Ministry of Culture and Tourism that Chinese travel firms may now provide outbound tours to destinations such as the United Arab Emirates, Sri Lanka, Singapore, Egypt, South Africa, Russia, New Zealand, and Argentina, etc.   

Aldar Partnered With Global Investment Holding Company   

Aldar Properties, the largest publicly traded developer in Abu Dhabi, has started a joint venture deal with Dubai Holding to build new residential and commercial properties in Dubai’s most desirable areas, including the areas of E311 and E611, near other major Dubai suburbs. 

In total, the project’s scope encompasses 3.55 million square meters, and it will be used to create three new developments, guaranteeing the customers with higher return on investments and great rental yields.   

 Real Estate Dubai 2023 – A Safe Haven for Investors

MBL Residence Tower

Ever wonder why real estate Dubai is always considered a haven for international investors? Well, there are a number of reasons, first being that even in pandemic or geopolitical upheaval and the energy crisis, it always ensures the emirate’s continued booming popularity of real estate investments with fewer chances of loss. According to the latest report, Dubai’s property market would grow by 46 percent in 2023. Last year, it became a popular relocation destination for successful Russian businesspeople, investors, and other professionals. According to Dsight, over 16% of Russian businesses and entrepreneurs relocated to the Dubai in the first half of this year. And now this year, it has opened doors for the Chinese investors too.  

Real Estate Dubai Demand Spiked in Popular Communities & Developments

The price of properties for sale in Dubai increased by 20% – 40% in the past year, and even more in some developments or communities. The growth of Palm Jumeirah was 59%, whereas that of Trade Center First was 210%. Demand for real estate was strongest in the first quarter around desirable seaside areas. 

This led to price increases in some markets due to a mismatch between supply and demand. Dubai Hills, or Hadeeq Sheikh Mohammed Bin Rashid Part 2, also expanded. They were attractive to families who had grown tired of city life and were looking for a change of scenery away from the beach or canals. So, the average price of a home in Dubai Hills increased by 53% to Dh1,600,000. 

The majority of 2022’s fastest-growing markets have already reached their price ceiling and will definitely see very modest increases in 2023. Growth will be swiftest in underpriced areas that haven’t yet reached price ceilings. The real estate market in the Jumeirah Village Circle, for instance, grew by 62% in 2022, with average prices reaching Dh731,403. There will be a general 10-15% increase in local pricing, with certain areas seeing increases of up to 46%.

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