In the past year, the Dubai Land Department (DLD) disclosed that there were 129,000 transactions, amounting to over AED400 billion in property sales in the city.
Despite a substantial increase in luxury prices in recent years, Dubai continues to be a preferred destination for international investors. Unique Properties, a prominent real estate agency, reported a remarkable 57 percent surge in deals in the emirate’s real estate market in 2023. These transactions represented 52.1 percent of the overall value of real estate transactions throughout all GCC countries.
The Dubai Land Department (DLD) has announced that property sales in the city surpassed AED 400 billion through 129,000 deals in the past year.
This marks a significant 51 percent increase in value and a more than 32 percent rise in the number of transactions compared to the AED 265 billion recorded in 2022.
The remarkable progress has firmly established the UAE as the most favored GCC country for real estate investment in 2024.
According to Arash Jalili, the Founder and CEO of Unique Properties, Dubai has unquestionably solidified its position as a high-value market. He referenced data from Knight Frank, which revealed a 225 percent increase in property prices in the city since late 2020.
Expressing confidence in Dubai’s future, Jalili believes the city will continue its momentum in the coming year and potentially surpass previous achievements.
Dubai real estate surpasses 2023 projections
Previous forecasts suggested that the real estate market in the emirate would achieve AED300 billion in sales by the conclusion of 2023. However, the emirate has surpassed expectations by approximately 25%. Additionally, it is anticipated that Dubai’s centi-millionaire population, those with a net worth of $100 million or more, will undergo a remarkable 80% growth by 2033. This rate of growth is set to position the emirate’s luxury real estate market as the world’s fastest-growing. With the recent influx of nearly 10,000 high-net-worth individuals (HNWIs) in the last two years, the city is expected to witness further expansion within this demographic in 2024. Factors such as the city’s strategic location, efficient processes, and tax-free policies contribute significantly to its allure.
