Dubai’s Real Estate to Continue to Soar in 2023

The residential property market has registered sales of AED 93.18 billion in the last five months

The high momentum attained by the real estate market of Dubai in the first five months of 2023 is most likely to sustain throughout the year, as per reports. Real estate agency Unique Properties cites a consistent strong surge in the Emirates property sector for the second half of the year with recent data indicating that both its residential and commercial markets grew by considerable margins when compared to the same period last year (2022). As per its studies, the residential property market registered AED 93.18 billion in sales from January to June 7, 2023, a 46.71 per cent jump from the same period last year. The commercial sector, on the other hand, experienced a 30 per cent jump from the first half of 2022 to reach AED 2.86 billion.

During this time, a 35.25 per cent increase in volume was observed, resulting in total sales of 46,835 units, compared to 34,627 units for the residential sector from the previous year. Furthermore, the commercial sector saw its volume grow to 1,681 units from 1,495 units. This consistent growth highlights a strong and healthy growth for the overall property market in Dubai. The month of May specifically accounted for the highest growth rate for both sectors. The residential sector grew 102 per cent and raked in AED 22.74 billion while the commercial sector grew by 118 per cent to reach AED 644.61 million.

Recent data also indicated a 78 per cent increase in sales volume in May 2023, when compared to the same period one year ago, with 11,700 real estate transactions. This was almost double the number of sales (6,587) registered in May 2022. Furthermore, Dubai Land Department (DLD) data that showed 691 sales transactions worth AED 1.56 billion logged on a single day on June 19.

Arash Jalili, Founder and Chief Executive Officer of Unique Properties, said, “Dubai has witnessed a tremendous surge in its property sector this year and it has only continued to increase every month with our best results being witnessed in May. With an increasing influx of ultra-high-net-worth individuals (UHNWIs) in the market; a demand for properties in the off-plan market in several different areas and expatriates who are always seeking a good balance of high quality life, we should expect this to grow the rest of the year.”