Dubai Real Estate Market Booms Amidst Soaring Prices

09 Sep, 2023

Dubai Real Estate Market Booms Amidst Soaring Prices

Despite significant price hikes in villas and apartments, Dubai's real estate sector continues to experience robust sales transactions.

Since the beginning of the year, apartment prices in Dubai have surged by 21%, while villa prices have witnessed an even more substantial increase of 51%, according to data from Unique Properties.

The Dubai Land Department (DLD) recently reported an impressive 3,200 transactions totaling AED 24.7 billion in just the past week.

Furthermore, a recent study conducted by Savills reveals a remarkable 44% surge in real estate transactions during the first half of 2023, amounting to nearly 60,000 units being transacted.

Dubai's property market remains steadfast in its momentum, with an anticipated growth rate of 15% predicted for the upcoming year, even as other prominent markets face challenges.

The escalation in property prices has also impacted rental rates, with some witnessing spikes of over 50%. This surge in rental costs has led many residents to contemplate downsizing their accommodations.

Arash Jalili, the Founder and Chief Executive Officer of Unique Properties, noted, "Dubai continues to establish itself as a secure investment destination, regularly introducing forward-thinking initiatives and providing unmatched stability during turbulent times. This resilience has been the driving force behind the real estate market's resurgence following the COVID-19 pandemic. All indications suggest that there is no sign of a slowdown. Despite the rising prices, the demand for both buying and renting properties remains consistently high, a trend that is expected to persist into the foreseeable future. While other major markets may be facing uncertainties, Dubai, and the UAE as a whole, are solidifying their positions as preferred destinations for investment for years to come."