Dubai’s realty deals exceeded half-a-trillion dirhams in 2023 – Gulf Today

Dubai’s realty deals exceeded half-a-trillion dirhams in 2023 – Gulf Today

The 2023 transactions increased by more than 32% on an annual basis.

A review by W Capital, the leading Dubai real estate brokerage, showed that 2023 real estate performance in Dubai was exceptional, as sales exceeded about Dhs400 billion for the first time, in addition to making the largest land and apartment sales deals.

“The real estate market in Dubai is on an upward trajectory since recovering from the Covid-19 pandemic in 2020, rising from Dhs69.8 billion in 2020, to Dhs149 billion in 2021, then to Dhs265.5 billion in 2022, and finally to Dhs401 billion last year,” said Real estate expert Walid Al Zarooni, W Capital CEO.

Al Zarooni added that these exceptional numbers from Dubai Land Department (DLD), show that real estate sales in Dubai multiplied by about 5 folds last year, compared to 2020. This is an indication of the strong and continuous momentum within the market and the status of Dubai real estate that it has reached globally as the best city to live and work.

He revealed that 2023 transactions increased by more than 32% on an annual basis to about 129.000 sales transactions, which is the highest ever, compared to 97.450 sales transactions in 2022.

Walid Al Zarooni