Dubai set to record busiest year for residential sector

Dubai set to record busiest year for residential sector

The findings of a survey released by a global real estate services provider show that 46,100 apartments and 11,600 villas were sold in H1 2023

By Isaac John Published: Thu 10 Aug 2023, 8:00 PM Last updated: Thu 10 Aug 2023, 8:16 PM

The current year is on track to be the busiest year for the residential sector in Dubai on the back of record half-yearly transactions of 57,700 units across villas and apartments, an upswing of 44 per cent.

The findings of a survey released by a global real estate services provider Savills show that 46,100 apartments and 11,600 villas 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 per cent in the current period.

However, according to Dubai Lands Department, the real estate sector in Dubai, also including the commercial property sector, recorded the highest semi-annual sales ever in the first six months of 2023 with a total of 60,440 sales transactions worth Dh177.3 billion, according to the Dubai Land Department.

“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