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Dubai Real Estate Achieves Decade-Long Peak: $9.7 Billion Q3 Off-Plan Sales Surge

Dubai’s real estate sector is currently experiencing a remarkable upswing in quarterly property transactions and off-plan sales, reaching levels not seen in the past decade, as per insights from Property Finder.

According to the Q3 2023 Market Watch Report, Dubai has witnessed unprecedented transaction values, with a significant surge in demand for property as a preferred investment. This surge is attributed to emerging trends that are reshaping the real estate narrative in the UAE, emphasizing the long-term value potential of real estate investments.

Record-Breaking Transaction Values in Dubai

Property Finder’s exclusive data highlights that Dubai saw 31,181 transactions in Q3 2023, a substantial increase from the 25,400 transactions recorded in Q3 2022, marking a noteworthy 22.76% year-on-year growth in both ready and off-plan transactions. This surge has resulted in the highest quarterly peak in the last ten years.

Off-Plan Sales Soar to New Heights

In terms of off-plan properties, sales values reached an impressive AED35.71 billion ($9.7 billion) in Q3 2023, compared to AED24.34 billion ($6.6 billion) in Q3 2022. This represents a substantial 46.72% increase, contributing to 36.6% of the total transaction value and setting a record for the highest value ever recorded for Q3.

Shifting Tenant Behavior and Rental Market Growth

Tenant behaviour shifts towards homeownership over renting due to a surge in average rental market values. Dubai sees a significant increase in rental contracts, up 11.2% year-on-year, totalling 156,422 contracts in Q3 2023 compared to 140,685 in Q3 2022.

In summary, Dubai experiences a surge in home seekers, signalling positive momentum in the real estate market.

“We closed Q3 with increased off-plan property uptake, strong investor confidence, and rising ownership demand. Q3 2023 takes that success a notch higher, revealing more growth opportunities in the months to come. We are committed to monitoring market trends for better decision-making through data-backed transparency and trust across our platform.” – Cherif Sleiman, Chief Revenue Officer at Property Finder

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