Dubai Real Estate Market – Results of March 2023
Real estate sales in Dubai in the Q1 of 2023 showed the highest figures in history. The total amount of transactions amounted to more than 86 billion AED, and their number exceeded 30.5 thousand.
In March 2023 only, the amount of real estate transactions exceeded 31.5 billion AED.
According to the report of the Dubai Land Department (DLD): in March 2023 there were 12,155 real estate transactions worth $9.2 billion in Dubai.
- 5735 transactions worth $ 5.8 billion – secondary and readymade real estate
- 6420 transactions worth $ 3.4 billion – under construction
Compared to March 2022: the number of transactions increased by 45%, their value increased by 53%
Real estate experts explain the high performance of the real estate market in the Q1 of this year by the influx of foreign investors and high demand from them. Today, Dubai’s investment attractiveness is due to the following factors:
- Affordable prices for a large segment of housing.
- High return on investment.
- Stable economic situation in the emirate and the UAE as a whole.
Buying real estate in the emirate is in demand both among wealthy people and representatives of the middle class who are looking for the best conditions for both living and working.
In March, the leading areas of sales of apartments and studios were:
- Dubai Creek Harbour
- Business Bay
- Hadaeq Sheikh Mohammed Bin Rashid
Areas leading in sales of villas and townhouses:
- Al Yufrah 1
- Wadi Al Safa 5
- Nad Al Shiba First
- The Field
According to the Internet portal Property Finder, as of March 2023, the percentage of those wishing to own:
- an apartment – 59.7%
- a villa or townhouse – 40.3%
The real estate sector in Dubai is showing favorable steady growth. This sector has proven its flexibility, attractiveness and ability to strengthen investor confidence in a globally unstable environment.
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