With a value of more than AED 86 billion
Dubai real estate records highest ever quarterly sales
Dubai's real estate sector is showing signs of positive and sustainable growth. Archival
Waleed Al Zarooni: "The prospects for Dubai's real estate market are very promising in 2023, and continued demand makes the market fertile for investment."
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During the first quarter of 2023, Dubai's real estate sector achieved the highest quarterly sales ever, with more than AED 86 billion, spread over more than 30.5 thousand transactions, according to the latest data issued by the Dubai Land Department.
This increases the value of real estate sales recorded in Dubai during the first three months of 2023 by 55% year-on-year, compared to AED 55.5 billion in real estate sales recorded in the same period in 2022.
On a quarterly basis, the value of real estate sales increased by 5%, compared to AED 82 billion during the fourth quarter of 2022.
The exceptional value of real estate sales recorded in the first quarter of 2023 is equivalent to more than 32.3% of the total sales value recorded in 2022, amounting to AED 266 billion, the highest annual value ever in the history of the real estate market in Dubai.
March Data
March 2023 alone also witnessed real estate sales transactions with a record value of more than AED 31.5 billion, the highest sales witnessed by the real estate market in one month, reflecting the increasing investment attractiveness of the real estate sector in Dubai, while the previous highest monthly value during November 2022 was about AED 30.8 billion.
Upward trajectory
The real estate market in Dubai is expected to continue its upward trajectory during the rest of this year, with the influx of more foreign investors, thanks to the unlimited facilities and qualitative initiatives launched by the emirate's government, represented by policies to support residents, new residency laws, the residence of entrepreneurs and investors, in addition to the infrastructure that has made Dubai the forefront of real estate at the global level, and strengthened its position at the forefront of global destinations as the best place to live, work and invest.
Investor Movement
Waleed Al Zarooni, Chairman of W Capital Real Estate Brokerage, attributed the continued exceptional performance of the real estate market in the first quarter of this year to the influx of foreign investors, in light of the increasing demand, high real estate prices, and the return on investment by a large percentage.
Al Zarooni stressed that the real estate sector in Dubai in general shows signs of positive and sustainable growth, as it has succeeded in proving its resilience, attractiveness and ability to deepen investor confidence, at a time when we have witnessed exceptional circumstances with the world.
He added: "Real estate transactions exceed one billion dirhams per day, in a strong indication of the continued momentum and exceptional performance that began since late 2021, and this is a strong evidence of the increasing investment attractiveness enjoyed by the sector."
He continued: "The Dubai real estate market has been able to attract large numbers of investors from around the world, who have found in Dubai and its real estate market the best infrastructure, the most stimulating environment for investment, and a guarantor of investors' rights."
Al Zarooni said: "The prospects for Dubai's real estate market look very promising in 2023, and it will be only a matter of time to see if the year will be able to break this record currently recorded, as demand is expected to continue to grow and prices are rising, making Dubai's real estate market a fertile ground for investment."