Dubai real estate market shows strong growth and emerging opportunities
- Date: 14-Jul-2023
- Source: Zawya
- Sector:Real Estate
- Country:UAE
Dubai real estate market shows strong growth and emerging opportunities
In Q2 2023, Dubai's residential market saw a significant increase in sales volume and value, with over 30,000 property transactions and a total sales value of over AED 91 billion. This was by far Dubai's best-performing Q2 on record, showing a 35% increase in transactions and a 54% increase in sales value compared to Q2 2022. Apartments experienced a surge in demand, with the median price per square foot reaching AED 1,336, the highest on record for Q2. Off-plan villa prices also saw a rapid rise, increasing by 32% compared to Q2 2022, largely due to increased interest in luxury villa communities and attractive post-handover payment plans offered by developers. Affordability has also driven demand in emerging locations. Dubai Marina was the top-selling area for ready properties, while Jumeirah Village Circle led in off-plan sales. Damac Lagoons led the off-plan villa market sales, with 642 transactions valued at AED 1.8B. Prime market demand Dubai's prime real estate market is flourishing, positioning the city as a luxury destination on par with established global markets. The Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island are attracting relentless demand from ultra-high-net-worth individuals (UHNWI) and solidifying Dubai's status as a top choice for second