Dubai's Property Market Soars with $117 Billion in Transactions

01 Nov, 2023

Dubai's Property Market Soars with $117 Billion in Transactions

Dubai's real estate sector continues to thrive, with 116,116 new property transactions totaling approximately Dh429.6 billion ($117 billion) in the first nine months of 2023, reflecting sustained economic growth in the emirate. This data, sourced from the Dubai Land Department, indicates a remarkable 33.8% year-on-year surge in transaction volume and a substantial 36.7% increase in property values.

Sultan bin Mejren, Director General of the Dubai Land Department, highlighted that this sector's growth aligns harmoniously with Dubai's proactive economic agenda, enhancing the emirate's global competitiveness and appeal to investors.

Among the top-performing areas, Al Barsha South Four led the list in transaction volumes, followed by Dubai Marina, Business Bay, and Wadi Al Safa 5. In terms of transaction value, Dubai Marina secured the top spot, with notable contributions from Palm Jumeirah, Jebel Ali Industrial First, and Wadi Al Safa 3.

Mortgage deals also saw robust activity in Dubai Marina, demonstrating its prominence in the real estate market. The strong rebound in Dubai's property market can be attributed to government initiatives, such as residency permits for retirees and remote workers, and the expansion of the 10-year golden visa program.

Notably, Dubai's residential market reported its highest quarterly price increase in a decade during the third quarter, underscoring growing property demand in the emirate. Economic growth remains robust, with forecasts predicting a 3.5% expansion in Dubai's economy in 2023.

Furthermore, Dubai has retained its status as a top global destination for attracting greenfield foreign direct investment projects, reinforcing its position as a global FDI hub.

These developments underscore Dubai's resilience and attractiveness for investors, both in its property market and broader economy