Last Updated on: 1st July 2023, 06:59 am
Real Estate Transactions in Dubai Exceed $24,000 Mln in The First Quarter Of 2023
Industry data showed that the real estate sector in Dubai reached a new milestone in the first quarter (Q1) of 2023 with transactions exceeding USD 24 billion (AED 88.73 billion), an increase of 60% compared to the same period last year.
Experts have forecast an increase of 10-12% for the next two quarters, indicating that the real estate sector in Dubai will continue to grow in the near future.
Adil Akhtar, CEO and founder of Foremen Fiefdom, a Dubai-based real estate investment firm, said growing demand for affordable and competitively priced real estate will expand the city’s real estate market.
Several experts assume that the growth observed in the first quarter will continue over the course of the year. According to Adil, sales of villas and townhouses increased by 35.5% and sales of apartments by 12.4%, indicating strong demand for residential units.
Adil further noted that buyers are increasingly preferring residences that offer more space and privacy, such as villas and townhouses. This shift in priorities is due to the COVID-19 pandemic as people now want their own space to work, study and relax.
Adil added that properties priced between AED500,000 and AED1 million are in high demand, reflecting buyers’ choice for reasonably priced properties.
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