Last Updated on: 23rd July 2023, 02:53 am
Dubai Saw More Than 11,000 Massive Real Estate Transactions Last Month
Unique Properties, a property company, said the Dubai property market was exceptionally successful in March 2023 with record sales.
The city registered 29,323 real estate transactions in the first quarter (Q1) of 2023, with 11,597 units registered in March alone. These figures show an increase of 47.3% compared to 2022, mainly due to a 96.1% growth in off-plan transactions and 12.4% in secondary market transactions.
However, with this increasing demand, the cost of living has also increased. Median house prices in Dubai increased by 12.8%, apartment prices by 12.4%, and villa prices by 14.8%.
Dubai’s upscale neighborhoods, including Jumeirah and Palm Jumeirah, have dramatically increased prices per square foot for apartments and villas. According to Arash Jalili, Founder, and CEO of Unique Properties, the strong demand for real estate is reflected in record sales in the first quarter of 2023.
Arash predicts that the trend will continue in the coming months. A recent report by Knight Frank titled Dubai Branded Residential Market 2023 revealed another factor contributing to the real estate sector in Dubai.
It says AED 25.4 billion has been generated from sales of branded residences, with around 2,000 more units expected to be added by 2023. The report also mentions the sale of Bulgari’s flagship, a luxurious 38,970-square-foot penthouse on Jumeirah Bay Island that sold for AED 410 million earlier this year, with more than 13,000 square feet of balcony and terrace.
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