Dubai Property Sales Set to Surpass $108 Billion in 2023

Property sales in Dubai are expected to have a record-breaking year, surpassing $108 billion, according to a recent analysis. Data from the Dubai Land Department shows that as of late December 2023, over 127,000 property sale transactions have closed, with a total value exceeding 393 billion dirhams.

With just over a week left in the year, real estate experts anticipate total sales will pass the 400 billion dirham mark ($108.9 billion) in** residential communities in Dubai.** “We have been averaging over 1 billion dirhams in sales every day, and some days seeing transactions in the 3-4 billion range,” stated Walid Al Zarooni, CEO of Dubai-based brokerage W Capital.

According to PropertyFinder, last month saw over 12,000 property sales worth 42.41 billion dirhams exchange hands. Apartments made up over 80% of transactions, with villas and townhouses comprising the remaining 18.8%. Both domestic and international investors have been actively buying luxury property in Dubai.

The strong sales are projected to make 2023 the year of the highest prime price growth out of all major global markets, according to Knight Frank. Coveted waterfront properties and the best villa communities in Dubai continue to draw demand. “Despite global economic challenges, the Dubai property sector remains on track for a robust finish to the year,” commented consultancy Asteco.

With one week left in 2023, Dubai’s real estate market is on pace to shatter sales records and cement its position as one of the world’s most vibrant and sought-after housing markets. Investor confidence shows no signs of slowing.