Dubai property transactions volume up 128 percent in Jan. 2023: Data

Dubai property transactions volume up 128 percent in Jan. 2023: Data

Dubai property transactions recorded more than a 128 percent year-on-year increase in volume by crossing 9,800 sales transactions last month, compared to 5,739 in January 2022, data released by Property Finder on Thursday showed.

The value of transactions witnessed an outstanding increase recording over AED 28 billion ($7.6 billion), an increase beyond 178 percent compared to the same month last year, an indication of Dubai’s consistently flourishing real estate market.

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“Led by a steady demand for housing and a rising inclination towards ownership, the coming months seem to behold a great spike in property investments. 2023 has definitely been off to a great start, with continued momentum from last year and heightened resilience for Dubai’s property sector,” said the company’s Country Manager Scott Bond.

“With evolving consumer preferences and record YoY success this January, we continue to behold a positive outlook for Dubai’s multi-faceted property sector, as a trusted go-to place marketplace for our customers.”

In terms of value, the transactions for existing properties witnessed an increase of around 42 percent YoY, reaching over AED 16 billion ($4.355 billion) compared to AED 11.4 billion ($3.1 billion) in January 2022, recording