13 June 2023, Arabian Business
The Dubai real estate market growth trajectory has steady momentum throughout the first half of this year. The market saw an 80 percent increase in sales volume in a one-year period starting May 2022.
Unique Properties cited the surge with recent data indicating a steady growth trajectory. 11,700 transactions were logged last month. The strong performance is indicative of the estimated market reach of AED300 billion by the end of 2023.
Factors resulting in this forecast includes an increase in the influx of high-net-worth individuals and payment flexibility.
Branded residences has also seen increased demand, last month saw multiple transactions in the sector including an AED26 million apartment in Palm Jumeirah by Six Senses.
The off-plan segment continued to be a catalyst for growth for factors including affordability, convenient payment plans, higher capital gains and other benefits.
UAE real estate: Sustained growth and high demand
Arash Jalili, Founder and Chief Executive Officer of Unique Properties said, “After the UAE real estate sector’s historic 2022, where we witnessed total sales of AED261 billion and an increase of 75 percent from the AED149 billion that was logged in 2021, the country has been able to maintain its momentum and continue growing.
“Shortage of supply and strong inflows of money from ultra-high-net-worth individuals (UHNWIs) are the prime reasons for the tremendous growth in prices in prime residential districts like Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island. Whether it is HNWIs looking to maximise their investments, or expatriates who are seeking a good balance of high-quality life, the UAE provides a myriad of political and economic factors that cater to these needs.”
Prices for high-end homes is expected to continue surging.