Dubai records real estate transactions worth Dh429.67 billion in first nine months of 2023

In the initial three quarters of 2023, Dubai's property market witnessed a remarkable surge. Transaction values soared by 36.7%, and there was a 33.8% uptick in the total number of transactions compared to 2022. The Dubai Land Department documented 116,116 property deals amounting to Dh429.67 billion in this timeframe. This surge is credited to Dubai's international stature, its solid infrastructure, and the dedication of its leaders to progress.

The realm of property investments also observed consistent growth. A total of 81,669 investors made 109,186 investments, summing up to Dh278.7 billion. This represents a 50.3% value augmentation, a 33.3% growth in investment numbers, and a 37.4% hike in investor count. This growth trajectory is attributed to the strategic initiatives of the Dubai Land Department to bolster Dubai's image as a prime global property investment hub.

"Dubai's real estate sector has set a global example for growth and excellence as well as played a vital role in propelling the national economy forward and driving comprehensive development efforts aimed at raising the emirate’s status as a leading economic powerhouse,” observed Sultan Butti bin Mejren, Director General of Dubai Land Department.

Furthermore, the report underscored the escalating participation of women in the property investment sector. A total of 27,120 women executed 32,557 investments, which amounted to Dh62.38 billion, indicating a substantial growth in both the value and count of female investors.

When it comes to prime locations for property deals, Al Barsha South Fourth, Dubai Marina, and Business Bay topped the list. Dubai Marina was the frontrunner in transaction value, trailed by Palm Jumeirah and Jebel Ali Industrial First. For mortgages, Dubai Marina recorded the maximum deals, whereas Jebel Ali First dominated in terms of mortgage value.

Source: Gulf News