In the first nine months of 2023, the Dubai real estate market saw a significant increase in activity with 116,116 new real estate transactions worth around Dh429.6 billion ($117 billion). This remarkable growth, which reflects a 33.8 percent increase in the number of transactions and a significant 36.7 percent increase in property values, was reported by the Dubai Land Department. This robust performance fits seamlessly into Dubai’s proactive economic strategy aimed at increasing the emirate’s attractiveness to global investors, according to Sultan bin Mejren, Director General of the Dubai Land Department.
The areas that stood out in terms of transaction volume during this period were Al Barsha South Four, Dubai Marina, Business Bay and Wadi Al Safa 5 with 10,351, 9,071, 7,414 and 5,602 transactions respectively. Dubai Marina, Palm Jumeirah, Jebel Ali Industrial First and Wadi Al Safa 3 also topped the list in terms of transaction value with Dh36.7 billion, Dh28.51 billion, Dh27.93 billion and Dh25.33 billion respectively. Dubai Marina also led the way in mortgage transactions with 1,186 transactions, followed by Al Thanyah Fifth, Al Barsha South Fourth and Burj Khalifa.
The revival of the real estate market in Dubai is due to various government initiatives, including the granting of residence permits for retirees and remote workers and the expansion of the 10-year visa program. In addition, the emirate’s residential market recorded its highest quarterly price growth in ten years in the third quarter, with the ValuStrat Price Index (CPI) indicating quarterly growth of 6.1 percent, driven by a 7.6 percent increase in villa prices and a 4.8 percent increase in apartment prices. This revival process coincides with Dubai’s strong economic growth, which is forecast to grow by 3.5 percent in 2023 according to Emirates NBD, following growth of 4.4 percent in the previous year. Dubai’s status as a global center for foreign direct investment remains untouched as it maintained its position as the world’s leading destination for attracting greenfield foreign direct investment projects in the first half of the year, overtaking other competitors with a remarkable 511 greenfield projects.
Source: The National
