Real estate sales in Dubai are booming, with data from the property portal, Property Finder, showing 9,800 real estate sales transactions in January of 2023 alone. This is a significant growth from the 5,739 transactions recorded in January 2022, representing a 128.5 percent year-on-year (YoY) growth in the market.
The value of property transactions in Dubai also increased, improving by an astounding 178 percent compared to the same month last year. This increase is on top of an already record-breaking rise in 2022, when registered sales reached more than 88,000, up from 60,258 in 2021.
The value of the real estate market in Dubai now stands at Dhs24obn, which represents a 61% increase year on year. The primary driver of this remarkable growth is off-plan deals, which increased by 86% in 2023.
The off-plan transaction value accounted for 44% of all real estate transactions in 2022, rising by 40% compared to 2021.
This massive rise in price and overall real estate sales transactions demonstrates the growing popularity of property in Dubai, with residents and investors looking to be a part of the boom.
Changing Buyer Trends
An evolution in property preferences and needs for both tenants and owners is spurring this massive increase in both real estate sales transactions and transaction prices in property preferences and needs for both tenants and owners.
According to the data produced by Property Finder, buyers in Dubai are increasingly looking to own property, with 59% looking to buy an apartment and 41% looking to purchase a villa or townhouse.
Initiatives and events such as the golden visa, the impact of the FIFA World Cup, and Dubai’s overall move towards a more digitally-driven economy have spurred a huge increase in interest in off-plan Dubai real estate, which looks set to continue to grow throughout 2023.