26 June 2023, Arabian Business
Dubai’s property sector is experiencing a significant surge, according to Unique Properties, a real estate agency in the emirate.
Recent data reveals substantial growth in both the residential and commercial markets during the second half of this year, compared to the same period in 2022.
The residential property market alone achieved sales of AED 93.18 billion between January and June 7th, 2023, marking a notable 46.71 percent increase from last year.
Meanwhile, the commercial sector witnessed a 30 percent jump to reach AED 2.86 billion.
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The volume of sales also saw a considerable rise, with a 35.25 percent increase recorded.
This resulted in a total of 46,835 units sold in the residential sector, compared to 34,627 units in the previous year.
The commercial sector experienced growth as well, with the volume reaching 1,681 units, up from 1,495 units.
This consistent growth signifies a robust and thriving property market in Dubai. Notably, May emerged as a standout month, with both sectors experiencing their highest growth rates compared to the same period the previous year.
The residential sector witnessed a remarkable 102 percent growth, amounting to AED 22.74 billion in sales, while the commercial sector soared by 118 percent to reach AED 644.61 million.
Further data reveals an impressive 78 percent increase in sales volume in May 2023, compared to the same period in the previous year.
A total of 11,700 real estate transactions were recorded last month, nearly doubling the 6,587 sales from May 2022.
Additionally, the Dubai Land Department (DLD) reported that on Monday, June 19th, a single day saw 691 sales transactions amounting to AED 1.56 billion.
Arash Jalili, the Founder and CEO of Unique Properties said: “Dubai has witnessed a tremendous surge for its property sector this year, and this has only continued to increase every month, with our best results being witnessed in May.”
Jalili also noted the influx of ultra-high-net-worth individuals, expatriates seeking a high-quality life, and the persistent demand for off-plan properties across various areas.
He expects this growth to continue throughout the rest of the year.
In addition to the flourishing property market, Dubai has recently been recognised as the top regional destination and the fifth best city to live in by the World’s Best Cities report for 2023.
With its forward-thinking policies and attractive business opportunities, Dubai’s appeal as a destination for expatriates seeking a balanced lifestyle, comfortable living, and profitable careers and investments is expected to strengthen further.