Dubai real estate is splendid, opulent and extravagant and is known for a lavish lifestyle for its residents. With strong infrastructure, revolutionary visa policies and progressive economic reforms, the emirate boasts robust growth in every sector. Moreover, the UAE government’s utmost efforts and focus towards making this country one of the top choices for tourism, business and residence underpin the country’s real estate market and augment demand across all investment vehicles and asset classes.
Dubai real estate – The vibrant and the most diversified
When it comes to investing in Dubai real estate, the sector offers numerous lucrative investment options that also promise impressive returns. Since the beginning of 2022, besides an incredible increase in property prices, a record number of transactions were also documented in Dubai. According to the Dubai Land Department (DLD), over 43,000 property transactions were recorded in the first half of 2022, worth more than $31.3 billion.
The high momentum is continuing in the second half (H2-2022) as high-net-worth individuals reposed trust in the growing Dubai real estate sector. According to an estimation, the total number of sales crossed the AED184 billion mark, by the end of September 2022. The market is thriving and high-net-worth individuals including celebrities from all across the world have lately been investing in properties for sale in Dubai. Recently, Mukesh Ambani bought the most expensive villa in Dubai for $163 million, which shows his confidence in Dubai real estate market.
Dubai real estate exhibiting stellar performance
8,649 real estate transactions worth AED24.42 billion were recorded in September 2022, which shows an increase of a bit over 13 per cent and 24 per cent in terms of transaction volume and values. Since its recovery in 2021, Dubai real estate has been demonstrating elevated numbers of transactions month after month. For instance, June 2022 remained the highest grossing month in last 13 years for Dubai real estate sector with AED22.75 billion in sales with a total of 8,897 deals. According to the data obtained from the Dubai Land Department (DLD), this is almost 71 per cent of the total sales volume in 2021.
In July 2022, Dubai real estate recorded AED21 billion sales with a total of 7,092 deals. August proved to be another stellar month, where 9,720 sales transactions were recorded worth AED24.3 billion. Dubai hits record-breaking AED8 billion property deals in a week, with a total of 2,703 transactions concluded during the 3rd week in October. Continuously increasing demand fuelled by constant rises in property prices across all major areas in Dubai indicates the level of trust in this market. A majority of property agents in Dubai believe that Dubai real estate sector can outperform several other established real estate markets across the globe.
AED 11.3 billion recorded in a weeklong transactions
According to the data released by the Dubai Land Department (DLD), the Dubai real estate market showed AED11.3 billion transactions during a week in October from 24 to 28. During this week, 234 plots were sold for AED2.26 billion and 1,983 apartments and villas were sold for AED4.74 billion.
97 mortgaged properties were sold for AED2.23, while 97 properties worth AED2.25 billion were granted between first-degree relatives.
Top real estate transactions
Jebel Ali First recorded the most numbers of transactions for this given week in terms of plots sales, whereas Business Bay remained the top area in terms of apartments and villa sales.
“The top three land transactions were a land in Palm Jumeirah sold for AED300 million, a land sold for AED130 million in Island 2, and a land sold for AED86 million in World Islands. Jebel Ali recorded the most transactions for this week with 105 sales transactions worth AED353 million, followed by Mohammed bin Rashid Gardens with 29 sales transactions worth AED634 million, and Al Mamzar with 23 sales transactions worth AED166 million,” according to a news source.
The top three transactions for apartments and villas were recorded in Palm Jumeirah for AED60 million. Umm Suqeim took the second spot with AED49 million worth sales, followed by Me’aisem First with AED45 million sales.
Lately, Business Bay has become the top choice for investors and savvy property buyers when it comes to buying luxury apartments for sale in Dubai. During this given week, Business Bay recorded the most transactions with 269 sales transactions worth AED449 million. Dubai Marina secured the second spot with 241 sales deals worth AED939 million, followed by Al Barsha South Fourth with 170 sales transactions worth AED143 million.
Invest now!
Limited supply of luxury properties for sale in Dubai along with escalating values and demand, Dubai real estate will continue flourishing in 2023 and years to come. Though the apartments tend to be more stable in terms of demand and value, property buyers have also been investing in plots to construct homes of their own choice.
If you are planning to buy an apartment, a villa or a plot in Dubai, you can discuss your budget and requirements with team HFRE through a phone call at +971 4876 2473 or you can also write us an email at info@hfre.ae. We assure you that one of our team members will get back to you with the best available options that can align with your investment goals and also fit into your budget