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The emirate has witnessed sales transactions worth AED 177.3 billion and is emerging as the top city in the world
July 31, 2023 | Staff Reporter | USA | Real Estate
One of Dubai’s leading real estate agencies, Unique Properties, has observed an unprecedented surge in Dubai’s real estate sector, with a total of 60,440 sales transactions worth AED 177.3 billion being recorded during the first half of the year. The value of real estate sales recorded in the first six months of the year exceeds the annual sales value recorded each year in Dubai from 2009 to 2021, while also showcasing a 46.71 per cent jump in the residential property market and 30 per cent in the commercial sector when compared to the same period last year.
Throughout this time, Dubai witnessed the largest real estate sales deals in its history with transactions, including a land sale covering an area of approximately 203 million square feet in the adjacent Maktoum International Airport area, valued at AED 3.8 billion. Furthermore, the most expensive apartment sale ever was recorded at AED 410 million in the Bulgari Residences project on Jumeirah Bay Island.
Dubai has also witnessed a strong surge in its residential market. According to ‘Savills World Cities Prime Residential Index,’ the emirate ranks as the best city in the world when it comes to the price growth for luxury homes. While prices globally experienced the slowest annual growth since December 2020, Asia-Pacific cities experienced the strongest luxury price growth in the first half of the year; Dubai led the way with an 11.2 per cent increase in luxury home prices, further solidifying its position as one of the top destinations in the world for expatriates to visit and live in, surpassing London, New York and Paris as the world’s leading luxury property market.
Arash Jalili, Founder and Chief Executive Officer of Unique Properties, UAE HQ, said, “Dubai keeps on paving the way for everyone and proving to the world that it is a top destination when it comes to both its residential and commercial sectors. Whether it is expatriates who are looking to enter the market for strong business opportunities or high net worth individuals (HNWIs) wanting to experience the luxury lifestyle that Dubai has to offer, the city is always committed to providing a multitude of benefits that cater to everyone’s needs, coupled with the UAE government’s initiatives to further strengthening the sector. A strong Golden Visa programme, real estate regulations that safeguard investors’ interests, full business ownership incentives are just some additional factors to ensure that the sector will always maintain its prosperity, while continuing to attract more expatriates into the UAE.”
Hoteliers across the UAE are reporting an increase in the number of tourists staying at their hotels as residents and overseas visitors make the most of seasonal summer offers, allowing them to experience what the city has to offer from beachside resorts to city destinations, especially during July and August, which has contributed to a strong surge in bookings.
