Dubai is set to conclude the year on an impressive note, with real estate sales anticipated to surpass AED400 billion ($108.9 billion), according to recent analysis by W Capital, a leading real estate brokerage firm based in Dubai.
Stellar Performance Throughout 2023
Since the beginning of the year, the value of real estate sales has already surpassed AED393 billion, marking an exceptional performance in the Dubai property market. W Capital’s CEO, Walid Al Zarooni, highlighted that with over 127,000 recorded deals to date, the total sales are expected to exceed the AED400 billion mark in the remaining days of the year.
Record-Breaking Daily Transactions
A closer look at daily transactions reported by the Dubai Land Department (DLD) reveals that the value of properties sold in Dubai has consistently exceeded AED1 billion, with peak days witnessing transactions reaching AED3 billion or even AED4 billion. This surge in daily transactions underscores the robust and dynamic nature of Dubai’s real estate market.
December Highlights: A Flourish of Sales
Property Finder reported that last month alone witnessed over 12,000 sales transactions amounting to AED42.41 billion. Apartments dominated these transactions, constituting more than 80% of the deals, while villas and townhouses accounted for 18.8%.
Influx of Local and International Buyers
Dubai continues to attract a substantial influx of buyers, both locally and from overseas. The allure extends to those seeking prime real estate, contributing to the flourishing market. Notably, Dubai’s property market is expected to achieve an annual prime price growth of 14% in 2023, outpacing other major markets monitored by Knight Frank.
Focus on Affluent Neighborhoods and Luxury Living
Residents and international buyers alike have been directing their attention to Dubai’s most affluent neighborhoods. Inland villas, offering luxurious living in green settings, have gained popularity, alongside a growing demand for waterfront properties. This trend signifies a preference for upscale living experiences within the city.
Resilience Amid Global Uncertainties
Despite prevailing global uncertainties related to inflation, interest rates, climate issues, conflicts, and technological advancements, reports from Asteco indicate that the Dubai property market remains resilient. The market is poised for a robust conclusion to 2023, reflecting the city’s enduring appeal as a global real estate destination.