Dubai’s real estate transactions saw a 43% YoY increase in August.
In August 2022, there were 9,450 real estate transactions in the city. In August 2023, there were 11,818 transactions, a 25% increase in activity. According to Property Finder, the value of real estate transactions in Dubai increased 43% year over year (YoY) in August to Dhs33.7 billion as the city’s real estate market experienced significant economic growth. In August 2022, there were 9,450 real estate transactions in the city. In August 2023, there were 11,818 transactions, a 25% increase in activity.
The real estate sector, for the most part, followed trends in property choices for both owners and tenants in July. According to Property Finder, 59% of purchasers were interested in apartments, while 41% preferred villas or townhouses. Eighty-one percent of tenants were looking for apartments at the same time, while only 19 percent were considering villas. Two-bedroom apartments accounted for 34% of all apartment sizes that were searched for in the city. One-bedroom flats came in second with 33% of searches.
With 58% of all sales transactions and 50% of all transaction value occurring in the off-plan sector in August, Dubai’s real estate market was more significantly responsible for the growth. In August 2022, there were 4,189 off-plan property sales; in August 2023, there were 6,837 deals, a 63% YoY decline.
The value of off-plan properties increased by approximately 103% to Dhs17 billion as a result of this rise, much outpacing the Dhs8.3 billion in value during the same time last year. The property market in Dubai maintained its rapid year-over-year growth trajectory in August 2023, according to Cherif Sleiman, chief revenue officer of Property Finder.
Dubai’s thriving real estate market
Dubai’s real estate market has been booming, defying the global trend where housing values have fallen amid rising interest rates and a dimming prospect for growth. In the off-plan market, ten areas were responsible for over 65.3% of the total sales volume and 53% of all transactions.
These include the Jumeirah Village Triangle, Sobha Heartland, Al Yufrah 1, Arjan, Business Bay, Dubai Harbour, Dubai Creek Harbour, and Jumeirah Lakes Towers in addition to the more recent additions of Sobha Heartland, Al Yufrah 1, and Madinat Al Mataar. The value of the existing property segment increased again year over year in August, increasing by around 11% to reach Dhs16.9 billion from Dhs15.3 billion. More than 40% of the sales value and 34% of the volume were accounted for by the following properties: Palm Jumeirah, Burj Khalifa, Emirates Living, Dubai Marina, Al Hebiah Fifth, Palm Deira, Arjan, Jumeirah Village Circle, Business Bay, and Dubai Hills.