According to the results of a comprehensive study, it was in the second quarter of 2023 that significant changes occurred in the Dubai real estate sector: investment focus shifted to key areas such as Dubai Marina, Downtown Dubai, Business Bay, Jumeirah Village Circle, Palm Jumeirah, Dubai Hills Estate, Arabian Ranches , DAMAC Hills and Al Furjan.
These prime areas have seen a significant increase in real estate transactions, and sales of completed properties have maintained a steady pace. Notably, Dubai saw significant growth in value, supported by growing investor confidence, a large number of new projects and innovative developments unveiled during the quarter.
The number of leases in the second quarter of 2023 increased by 6 % compared to the same period last year: 131,293 contracts compared to 123,856 contracts for the same period in 2022. Dubai Marina, Downtown Dubai, Business Bay, Jumeirah Village Circle, Palm Jumeirah, Dubai Hills Estate, Arabian Ranches, DAMAC Hills and Al Furjan have become the most sought after areas for rental properties.
July 2023 marked a historic milestone with sales volumes totaling over AED 37.5 billion, an increase of 81 % compared to last year. Notably, existing transactions played a major role, exceeding AED 25 billion and showing a remarkable increase of 72 % compared to the previous year. Off-plan transactions continued their upward trend, accounting for 47 % of total sales transactions and 33 % of total transaction value, representing a notable increase of 81 % compared to last year.
The Dubai property market has shown resilience over the period, fueled by a mix of off-plan and off-plan transactions, underlining the sector’s continued attractiveness and dynamism.
