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Real estate transactions in Dubai recorded, from the beginning of the year 2023 until the end of June, about 255 billion dirhams, resulting in 75,284 transactions, with a growth of 52.7% and 31.3% in terms of value and number, respectively, compared to the same period from 2022, which is the highest in the history of the sector. Within 20 years, according to data on the website of the “Department of Lands and Properties”.
Dubai Land Department data indicated that the value of real estate market sales in Dubai during the first half of 2023 jumped to about 179 billion dirhams, a growth of 56.3%, resulting from 60,420 deals, an increase of 48%. Mortgages touched 62 billion dirhams, while donations ranged around 14 billion dirhams.
And the first half of the year 2022 had achieved total dispositions of 167 billion dirhams through 57,329 dispositions, which included 114.5 billion dirhams in sales (42,873 transactions, mortgages 43.2 billion dirhams, and donations approached 6.3 billion dirhams).
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Sales rating
The total value of residential unit sales in the Dubai local market reached 110 billion dirhams from the beginning of the year 2023 until the end of the first half, equivalent to 61.4% of the total sector sales that touched 179 billion dirhams, apartments accounted for the largest share of 94.5 billion dirhams (85.9%) compared to 15.5 One billion dirhams for villas (14.1%). The value of land sales amounted to 67.5 billion dirhams, or 37.7%.
Ready-made properties accounted for the largest share of total sales during 6 months, with a value of 109 billion dirhams (equivalent to 61% in terms of value) resulting from 30,095 pledges of allegiance, while properties on the map accounted for (39%) with a value of 70 billion dirhams resulting from 30,325 actions.
Mortgages and gifts
As for mortgages, during the first half of this year, it achieved transactions worth 62 billion dirhams, which resulted from 11,123 transactions, including 9,013 real estate units, 1,571 buildings and 6,089 lands. With regard to donations, it recorded about 14 billion dirhams resulting from 3741 disposals, which included 3043 real estate units, 126 buildings and 572 lands.
Top residential deals
Dubai Real Estate recorded 16 deals selling residential units with a value of more than 100 million dirhams per transaction, with a total exceeding 2.3 billion dirhams. An apartment in “Island 2” worth 163 million dirhams, then a fourth real estate unit with 184.8 million dirhams in “Dubai Marina.” Fifthly, “Island 2” also came with more than 137 million dirhams.
And in the sixth place came a deal in “Business Bay” with a value of 125 million dirhams, then a residential apartment in “Jumeirah Bay” with 122 million dirhams in the seventh place, followed by another deal, eighth, within the “Island 2” area, at a value of 119 million dirhams, while the tenth went to “Al Wasl” at a value of 118 million dirhams.
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top 10 regions
The top 10 regions in terms of sales value accounted for 44.7% of the total, with 80 billion dirhams resulting from 26,232 deals. “Palm Jumeirah” came in first place with 13.22 billion dirhams (1359 deals), then “Dubai Creek Harbor” second with 1.29 billion dirhams. (3012 deals), followed by the “Burj Khalifa” area third with 10.07 billion dirhams (2440 deals), and in the fourth place came “Business Bay” with 9.68 billion dirhams (4232 deals), while the fifth place went to the “Dubai Marina” area B 8.76 billion dirhams (1453 deals).
Then came Jumeirah Village Circle (6547 deals) with 6.45 billion dirhams, then Al Hebiah Fifth (2001 deals) with 6.12 billion dirhams, then Dubai Hills (1728 deals) with 5.71 billion dirhams, and Dubai Marina (2499 deals) with a value of 4.97 billion dirhams, and finally Dubai Harbor (961 deals) at 4.68 billion dirhams.
Powerful performance
Since the beginning of 2022, the real estate sector in the Emirate of Dubai continues to assert its position as a fundamental pillar of growth for all sectors and economic activities in Dubai, thanks to the results that the sector succeeded in achieving in 2022 and the first half of 2023, due to many factors, foremost of which are the wise directives of the wise leadership and stimulus packages. Economic sector provided by the Government of Dubai, in addition to the flexibility and attractiveness of the sector, and the confidence and transparency that it guarantees to investors and various categories of dealers.
The annual report of the Dubai real estate market issued by the Land Department showed that the sector in the emirate ended in 2022 an exceptional year, achieving record results, for the first time whose value exceeded half a trillion dirhams, with a growth rate of 44.7% in terms of volume, and 76.5% in terms of value compared to In the year 2021, with a total of 528 billion dirhams.
Real estate investments recorded during the past year 115,183 investments, with a value of 264.15 billion dirhams, owned by 80,216 investors, with a growth of 59.5% in terms of the number of investments, 78.4% in terms of their value, and 53% in terms of the number of investors compared to 2021.
29 billion dirhams of June sales, a growth of 85%
June witnessed sales of 29 billion dirhams, resulting in 9,828 transactions, compared to 22.7 billion dirhams (8,833 transactions), a growth of 85.3% and 76.8% in terms of value and number, compared to the same period in 2022.
Mortgages recorded 11 billion dirhams, resulting from 1940 actions, while gifts touched 1.8 billion dirhams, resulting through 432 actions, bringing the total value of transactions to about 42 billion dirhams.
