Dubai Real Estate Market Report 2023: Record growth and strategic shifts

Dubai Real Estate Market Report 2023: Record growth and strategic shifts

15 February 2024, ZAWYA

Dubai, UAE – Provident Real Estate proudly presents the Dubai Real Estate Market Report for 2023, showcasing a year of remarkable development and progress aligned with Dubai’s Vision 2040. Led by Laura Adams, Sales Director at Provident Real Estate, this comprehensive report highlights key trends and insights shaping the Emirate’s dynamic real estate landscape.

Key Highlights

Population Growth: Dubai’s population surged to 3,549,900 by Q4, marking a 3.16% increase, setting the trajectory to surpass 5.5 million by 2040. The Investor Visa initiative contributed significantly, with a surplus of 1,165,855 temporary residents, bolstering the population to over 4.8 million.

Supply Side: Despite completing 34,929 units, only 30% of the needed residential supply was met. Key areas such as Palm Jumeirah, Jumeirah Village Circle, and Downtown witnessed significant completions to address the escalating housing demands.

Temporary residents: As of the third quarter of 2023, Dubai’s official resident population was recorded at 3.6 million. There was an additional presence of 1,165,855 individuals residing or working outside of Dubai as temporary residents, primarily due to the Investor Visa initiative.

Sales Transactions: A substantial 37% increase in property transfers was recorded, totaling 118,645 transactions, with robust average sale prices across apartments, townhouses, and villas.

Off-Plan Market: The off-plan market saw vibrant growth, with 57,337 properties registered, reflecting investor confidence in Dubai’s property development future.

Ready Properties – Secondary Market: The secondary market for ready properties witnessed a significant surge in activity, with 38,544 properties resold across various areas, showing a substantial increase from 2022’s total of 26,273. Dubai Marina led the market in sales.

Mortgage Registrations: The market witnessed a notable 43% increase in mortgage registrations compared to 2022, underscoring a strong demand for property financing and highlighting the confidence in the Dubai real estate market.

Notable Transactions: Provident Real Estate brokered a record-setting deal with the sale of the COMO Penthouse for AED 500,000,000 on Palm Jumeirah, marking it as the most expensive penthouse transaction in Dubai and the third globally.

UAE Golden Visa Update: Dubai government’s revision in the UAE Golden Visa, removing the minimum down payment requirement, broadens access to long-term residency for property buyers.
“Dubai’s population surged in 2023, reaching 3,549,900 by Q4, which aligns with the 2040 vision, indicating substantial progress towards the city’s ambitious goals. Coupled with Dubai’s innovative payment plans, ROI/ROE, the Emirate remains a magnet for investors seeking flexible options with lower equity payments before completion. The 2023 Dubai Real Estate Market Report underscores a year of remarkable growth and strategic shifts, cementing Dubai’s status as a global real estate hub.” Said Laura Adams, Sales Director at Provident Real Estate

As we step into 2024, early indicators suggest that the momentum observed in 2023 will not only continue but also amplify, with Dubai poised to set new benchmarks in innovation, sustainability, and market resilience.

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