Dubai Real Estate Market Review 28-Dec-2023
Below are the latest real estate news and transactions.
UAE real estate sector marks unprecedented achievements in 2023
In 2023, the UAE real estate sector achieved significant growth, solidifying its position as a global hub. Abu Dhabi's residential transactions increased by 56% to AED67.8 billion, while Dubai's real estate transactions grew 37% to exceed AED500 billion. Sharjah also emerged as an attractive investment destination, with sales reaching AED13.4 billion in the first half of the year.
The sector is supported by public and private investments, with forecasts predicting continued growth: a 3.3% increase in 2023 and 4% in 2024. The UAE construction sector is also expected to grow by 3.9% annually from 2025 to 2027. These developments align with the ‘We the UAE 2031’ vision, which aims to double the UAE's GDP by 2031, enhancing support for the real estate and construction sectors.
Read the full article at Economy Middle East
Dubai Real Estate Transactions as Reported on the 27th of December 2023
Dubai Real Estate Transactions Exhibit Robust Activity with AED 1.37 Billion as of December 27, 2023
As the year draws to a close, Dubai's real estate market continues to showcase vigorous activity with an impressive AED 1.37 billion accumulated in sales as of December 27, 2023. The latest figures reinforce the market's dynamic nature, highlighting a substantial inclination towards off-plan purchases, which have reached AED 718 million in transactions. Ready properties maintain a strong market presence as well, with a total sales volume of AED 654 million.
Delving into the specifics, off-plan flats have emerged as the clear frontrunner in property transactions, amassing AED 679 million. Villas have also shown a strong market performance in the off-plan sector with sales of AED 35 million. Hotel apartments and residences have contributed AED 3.3 million to off-plan sales, indicating a focused but definite market interest.
On the other hand, the ready property segment sees flats at the forefront with sales totaling AED 492 million. Villas in the ready segment have recorded a notable AED 84 million in sales. Hotel apartments and residences have also made a significant mark in the ready property domain, with sales reaching AED 77 million.
These figures from December 27, 2023, shed light on the prevailing trends within Dubai's real estate transactions, demonstrating a strong penchant for off-plan flats while also acknowledging the vital role of ready properties in the market's overall health.
The Data Source is Dubai Land Department