Dubai Real Estate Sets Record-Breaking Sales in 2023
Based on data from the Dubai Land Department, the real estate market in Dubai has had an incredible upsurge, setting records for annual sales for the third year in a row.
Dubai Real Estate Sets Annual Sales Record in 2023:
The tracked data shows an exceptional 2023 performance, with sales rising by 51% year over year to a historic 401.1 billion dirhams. This increase surpasses the 2022 record of 265.6 billion dirhams, reflecting the greatest annual sales in the history of the emirate's real estate market. In addition, there was a notable increase in the quantity of transactions, which increased from 97,450 deals in the prior year to 129,000 deals, or around 32.4% more.
Total Transactions in 2023:
The overall value of real estate transactions in Dubai during 2023 increased by 5% to 554.7 billion dirhams, surpassing half a trillion dirhams for the second consecutive year. The total number of transactions also rose by more than 38% on an annual basis, reaching 169,720 real estate transactions.
Distribution of Transactions:
The distribution of transaction values included sales worth 401.1 billion dirhams, mortgages amounting to 121 billion dirhams through 33,280 deals, and gifts totaling 32.65 billion dirhams.
Quarterly Performance:
December 2023 marked a surge of over 21% in real estate market sales on an annual basis, reaching 31.5 billion dirhams, a historical high for the month. The fourth quarter of 2023 witnessed the highest quarterly sales ever, recording over 112.6 billion dirhams across more than 31.25 thousand transactions.
Exceptional Monthly Performances:
Noteworthy monthly performances were observed in November, which achieved the highest monthly value for real estate sales in history, reaching 42 billion dirhams. October followed with 39.2 billion dirhams and September with 37.8 billion dirhams.
Industry Perspectives:
According to Saleh Tabbakh, CEO of Al-Andalus Courtyard Real Estate Development Company, 2023 showcased an exceptional performance, breaking records for annual sales, quarterly performance in Q3, and monthly sales in November. Tabbakh attributes this success to Dubai's robust infrastructure, security, safety, and economic stability.
Outlook for 2024:
Zahi Qashou, CEO of Elio Real Estate Company, anticipates another exceptional year for Dubai's real estate market in 2024. The continuous demand and the city's attractive environment for talents from around the world, coupled with ongoing infrastructure development, position Dubai as one of the best cities globally for living, working, and visiting.
