According to a new report nearly 57,000 apartments were purchased during the first half of 2023, putting the residential market on pace to have its busiest year ever. Savills, a leading global provider of real estate services, stated in its most recent report that the number of residential transactions increased by 44 percent from the same period last year to 57,700 units traded. 11,600 villas and 46,100 flats were included.
During the first half of the year, buyers' activity in the off-plan market sector increased significantly, and accounted for over 53% of the units sold.
“Historically, the summer months in the UAE have been known to be slow as many residents travel during the school break. However, this trend seems to be changing in recent times as Dubai property continues to find favour among residents and international audiences looking for stability amid an uncertain economic environment,” observed Swapnil Pillai, Associate Director of Middle East Research at Savills.
According to Savills, the increase in demand for off-plan purchases shows that buyers are choosing to put off committing to expensive loan terms in the present financial climate. Additionally, it reflects a rise in the number of new project launches, which increased to 27,900 units in the time frame from 24,900 units in H1 2022.
Source - Arabian Business