The Dubai real estate sector has achieved unprecedented growth during the first seven months of 2023, reaching its highest performance ever for the same period, with a total value exceeding Dhs 216 billion from 71,537 sales transactions, as per the latest data from the DLD (Dubai Land Department).
The results indicate an outstanding annual growth rate in sales value of over 60% during the period from January to July 2023, amounting to Dhs 135 billion, compared to the same period last year. Regarding the number of deals, there has been a remarkable growth rate of more than 43% with over 50,000 sales.
Earlier this year, Bloomberg reported that Dubai’s real estate market had become the world’s busiest for luxury properties priced over USD 10 million, surpassing renowned luxury real estate hotspots like New York and Hong Kong. According to Knight Frank, as reported by Gulf Business, the first half of the year saw 176 homes worth at least USD 10 million changing hands.
July Sales Performance
The month of July witnessed the highest number of sales ever recorded in a single month, marking a new historic milestone in the real estate market for the summer of 2023. The strong momentum that the real estate sector has experienced since the beginning of the year continued with gusto.
During July, the real estate market in Dubai recorded an impressive 10,527 sales transactions, with a total value exceeding Dhs 37 billion. This figure surpassed the previous record of approximately Dhs 34 billion, which was achieved in March earlier this year.
When comparing the overall performance of July 2023 with its counterpart in 2022, it becomes evident that the new month witnessed an astounding increase in value by 76%, approximately Dhs 21 billion, along with a significant surge in transactions by more than 47% or 7,145 transactions.
Top 5 Performing Areas in July 2023:
- Jumeirah Village Circle
- Business Bay
- Dubai Marina
- Jumeirah Lake Towers
- Mohammed Bin Rashid City (MBR City)