2023 is on track to be the busiest year for the residential sector in Dubai: Savills Dubai Residential Market in Minutes H1 2023

2023 is on track to be the busiest year for the residential sector in Dubai: Savills Dubai Residential Market in Minutes H1 2023

Global real estate services provider Savills released the findings of the latest Dubai Residential Market in Minutes for H1 2023, which revealed that property transactions during the period jumped 44% from the year ago period to 57,700. The split was 46,100 apartments and 11,600 villas that were sold in H1 2023, the highest half-yearly transactions on record. When compared to the five-year average, activity levels are up by 209% in the current period.

Swapnil Pillai, Associate Director, Middle East Research at Savills, says, “Historically, the summer months in the UAE have been known to be slow as many residents travel during the school break. However, this trend seems to be changing in recent times as Dubai property continues to find favour among residents and international audiences looking for stability amid an uncertain economic environment.”

“Whilst it is still early to comment on the overall take-up during the usually slow summer period, early indicators suggest that market activity is likely to remain strong. A total of 28,400 units were absorbed across the city in Q2, recording 33% yearly growth, with apartment units taking up the major chunk.”

Off-plan is strong but ready units are preferred for villas

Activity in the off-plan segment remains strong, making