Dubai real estate market recorded 50 per cent jump in sales performance in 2023

Dubai real estate market recorded 50 per cent jump in sales performance in 2023

Ahmad Ibrahim - CEO Avalon Properties

Soaring to exceed Dh 400 billion by the end of 2023

Published: Thu 21 Dec 2023, 1:13 PM Last updated: Thu 21 Dec 2023, 2:11 PM

The Dubai real estate market witnessed an unprecedented surge in performance throughout 2023. Ahmad Ibrahim, CEO of Avalon Properties expressed astonishment at Dubai's remarkable market performance, soaring to exceed Dh400 billion in 2023 compared to Dh265 billion in 2022 in total sales. October 2023 set a new sales record, hitting Dh39 billion, surpassing November 2022 Dh30 billion peak month. This unexpected upswing underscores the remarkable trajectory success of Dubai's real estate market this year.

Dubai recently revealed its ambitious Palm Jebel Ali masterplan, a futuristic project twice the size of Palm Jumeirah. His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, introduced this colossal development himself through a grand launching ceremony. In parallel, Dubai Land Department records show the sale of Dubai's highest expensive penthouse at Dh500 million. This landmark sale not only set a new local record for Dubai but also secured its place as the third most expensive penthouse sold globally. Earlier this year, Bloomberg reported that Dubai's most expensive