Dubai maintains growth trajectory for real estate sector throughout H1 2023

Dubai maintains growth trajectory for real estate sector throughout H1 2023

Dubai, UAE: Unique Properties, one of Dubai’s leading real estate agencies, cites yet another strong surge in the emirates property sector with recent data indicating a 78% increase in sales volume in May 2023 when compared to the same period one year ago; 11,700 real estate transactions were logged last month, an almost double bump from the 6,587 sales that were registered in May 2022. This strong performance follows a recent analysis that suggests real estate in the emirate is estimated to reach AED 300 billion in sales by the end of 2023. Various factors have resulted in this forecast, including an increasing influx of high-net-worth individuals (HNWIs) and flexibility of payments, especially through the off-plan market which has witnessed a consistent supply of units being delivered.

Branded residential units in Dubai’s off-plan sector have seen rising interest and been a catalyst for this growth. The UAE’s growing HNWI population has contributed to this uptick in demand for such projects over recent months, consequently pushing the total price of sales during this period. Last month saw multiple branded residential properties sold, including an AED 26 million apartment in The Palm Jumeirah by Six Senses, further attesting to the fact that Dubai