54.7 billion dirhams, Dubai real estate sales since the beginning of 2023, with a growth of 66%

Real estate market sales in Dubai jumped significantly during the period from the beginning of January to the end of February of 2023, by 65.7%, to 54.74 billion dirhams, compared to 33 billion dirhams during the same period in 2022, according to data on the website of « Department of Lands and Properties» in the emirate.

Dubai Land Department data revealed that the sales included the sale of 14,235 housing units, at a value of 29.2 billion dirhams, and 1,888 buildings, at a value of 5.223 billion dirhams, in addition to 2,694 lands, at a value of 20.3 billion dirhams.

Mortgages also exceeded the barrier of 19 billion dirhams through 3316 deals that included 2944 real estate units, 475 buildings and 1761 lands. As for gifts, they ranged around 6.14 billion dirhams resulting from 1383 deals that included 1116 real estate units, 43 buildings and 224 lands.

The total real estate transactions in the local market in Dubai from the beginning of the year until the end of February of this year amounted to about 79.92 billion dirhams, a growth of 74% compared to the same period of 2022, which achieved 46 billion dirhams.

The biggest share

Ready-made properties accounted for the largest share of the local real estate market sales cake in Dubai from the beginning of the year until the end of February, at about 31.64 billion dirhams, (equivalent to 57.8% in terms of value), resulting from 9,324 pledges of allegiance. As for real estate on the map, it constituted (42.2%), with a value of 23 billion dirhams, resulting from 9493 actions.

top 10 regions

The total value of sales transactions within the top 10 regions in the Emirate of Dubai amounted to more than 24.8 billion dirhams, equivalent to 45.3% of the total sales during the months of January and February of the year 2023, according to the data of the “Dubai Rest” application of the “Department of Lands and Properties” in the emirate.

The “Business Bay” region topped the list of the top 10 regions in terms of the value of sales by about 4.18 billion dirhams, and “Palm Jumeirah” came in second place with a value of 3.7 billion dirhams, then the “Al Hebiah Fifth” region third with 3.15 billion dirhams, and “Burj Khalifa” fourth. With 2.94 billion dirhams, and in fifth place is «Dubai Creek Harbor», with a value of 1.57 billion dirhams.

And the “Dubai Marina” area ranked sixth in terms of the value of sales at about 1.95 billion dirhams, followed by “Dubai Hills” in the seventh place with sales deals that touched 1.62 billion dirhams, then the “Dubai Marina” area came eighth with 1.61 billion dirhams, and in the ninth and tenth places came « Jumeirah Village Circle and Island 2, with sales deals worth 1.6 and 1.58 billion dirhams, respectively.

In terms of the number of deals, the first place went to “Jumeirah Village Circle” with 1715 deals, then “Business Bay” second with 1593 deals, and “Dubai Creek Harbor” third with 967 deals, and “Al Hebiya Fifth” came fourth with 961 deals, and Dubai Marina ranked fifth, with 764 deals.

And in sixth place came the “Burj Khalifa” area with 742 deals, then “Palm Jumeirah” seventh with 485 deals, “Dubai Hills” eighth with 482 deals, then “Dubai Marina” ninth with 223 deals, and “Island 2” tenth. 14 deals. It is worth noting that these sales deals include both residential and commercial units and lands.

The most expensive deals

The value of the most expensive residential unit purchase deal amounted to 410 million dirhams located within “Island 2”, followed by another deal worth 160 million dirhams within the same area in “Island 2”, and in third place the value of an apartment in “Dubai Marina” was recorded at 154.8 million dirhams, and then sold Another fourth, with a value of 119 million dirhams in “Island 2”, and two sales in the fifth and sixth places, with 118.7 and 117.3 million dirhams in “Al Wasl”, and in seventh place also came “Island 2”, with a value of 116 million dirhams.

In terms of land sales, the most expensive deal came with a value of 423 million dirhams, then another deal with 397 million dirhams and a third with a value of 220 million dirhams. As for the buildings, Palm Jumeirah acquired the highest deal in terms of value, at 183 million dirhams.

Powerful results

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 2021 and 2022, respectively, due to many factors, foremost of which are the wise directives of the wise leadership, and the economic stimulus packages 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 “Department of Lands and Properties” showed that the sector in the emirate has ended an exceptional year, achieving record results whose value exceeded for the first time half a trillion dirhams, with a growth rate of 44.7% in terms of volume, and 76.5% in terms of value compared to 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.