Dubai records real estate transactions worth AED 177bn in first half of 2023

Dubai real estate continues to witness significant growth this year with recorded sales of over AED177 billion ($48.2 billion) in the first half of 2023, according to Unique Properties, a Dubai-based real estate company.

The total sales comprised of over 60,440 transactions, showcasing a 46.71 percent jump in the residential property market and 30 percent growth in the commercial sector.

One of the transactions was the sale of land covering an area of 203 million square feet (sq. ft) near Maktoum International Airport amounting to AED3.8 billion.

The most expensive apartment sale recorded was at AED410 million for a property at the Bulgari Residences on Jumeirah Bay Island.

According to the ‘Savills World Cities Prime Residential Index,’ Dubai ranks as the best city in the world for the price growth of luxury homes. The city led with an 11.2 percent increase in prices surpassing London, New York, and Paris.

Dubai: A top destination for all

Arash Jalili, Founder and Chief Executive Officer of Unique Properties, UAE HQ said, “Dubai keeps on paving the way for everyone and proving to the world that it is a top destination when it comes to both its residential and commercial sectors.

“Whether it is expatriates who are looking to enter the market for strong business opportunities or high net worth individuals (HNWIs) wanting to experience the luxury lifestyle that Dubai has to offer, the city is always committed to providing a multitude of benefits that cater to everyone’s needs, coupled with the UAE government’s initiatives to further strengthening the sector.”

“A strong Golden Visa programme, real estate regulations that safeguard investors’ interests, and full business ownership incentives are just some additional factors to ensure that the sector will always maintain its prosperity, while continuing to attract more expatriates into the UAE,” he added.