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Bumper Year For Dubai Real Estate As Transactions Soar To Record High

Dubai’s real estate market had a great 2023. The number of property deals achieved the maximum in history. The number of completed real estate transactions rose 17% compared to 2022. This is according to new data from the Dubai Land Department.

There were over 1.6 million residential transactions last year. These are, for instance, sales, rentals, mortgages, and gifts. The total value of these contracts is currently 634 billion AED, which is around $173 billion.

The number of property sales transactions increased to 166,400 in 2023. The increase in value has reached 20%, and there are 34% more deals. It’s the highest number therefore far ever recorded.

The number of new real estate investments also reached 412 billion AED, which resembles a growth rate of 55%. The number of investment deals in the hands of 113,000 owners was nearly 158,000. 71,000 of these were first-time Dubai property investors, and 42% were non-residents.

This proves the “power and efficiency” of Dubai’s economy, said the Dubai Media Office. It will help Dubai to attain its 2033 economic targets. Dubai plans to double its economy to $8 trillion at the end of the next 10 years.

Dubai’s property market has recovered from the effects of COVID-19. The new government rules were effective, for instance, residence permits for retirees and remote workers. Making the 10-year golden visa program bigger brings in more people.

Housing prices hit the roof in late 2023, thus recording the highest rate in a decade. The demand kept growing as Dubai became densely populated. More than a hundred thousand new residents came last year. That brings the total now to $3,650,000.

Around 38 thousand women investors invested 90.5 billion AED in 2016. This was across almost 47,000 deals. The Gulf investors undertook over 10,000 deals, up to 30 billion AED.

The first nine months of 2023 witnessed 3.3% growth in Dubai’s economy. The active real estate market has contributed. The market is expected to go on even stronger with high investor confidence.

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