Credit By: ZaZEN Properties
During the first nine months of 2023, Dubai’s real estate market saw an incredible spike in activity that set records for both transaction value and volume. According to figures from the Dubai Land Department, the emirate has seen an astonishing rise in real estate transaction value of 36.7% and an increase in transaction volume of 33.8% compared to the same period in 2022. These outstanding accomplishments highlight the flexibility and endurance of Dubai’s real estate market. They are due to several factors, such as the city’s increasing international recognition, first-rate infrastructure, and the visionary leadership’s constant dedication to development.
Steady Growth in Real Estate Investments:
Over the first three quarters of the year, real estate investments have likewise experienced continued growth. One hundred nine thousand one hundred eighty-six real estate investments, totalling Dh278.7 billion, were registered by 81,669 investors, signifying a significant increase in value of 50.3%, the number of assets at 33.3%, and the number of investors at 37.4%. This expansion is evidence of the Dubai Land Department’s (DLD) strategic strategy, which seeks to establish Dubai as a top worldwide real estate investment destination. Providing proactive real estate services, integrating legislation and data, forming reliable alliances, and developing a top-notch digital infrastructure for the real estate industry are just a few of the DLD’s endeavours.
Encouraging Female Investors:
Interestingly, the Dubai Land Department’s data reveals that 27,120 women have registered 32,557 investments, totalling Dh62.38 billion, indicating a noteworthy rise. Comparing the same period in 2022 to the current one, female investors reported a 36.1% increase in assets, a 53.8% increase in value, and a 38.2% increase in the number of female investors. This illustrates Dubai’s dedication to advancing inclusivity and diversity in the real estate industry.
Top Regions for Mortgages and Real Estate Transactions:
During the first nine months of 2023, real estate transactions and mortgages have been most active in the following areas of Dubai:
Top Transaction Areas:
Al Barsha South Fourth has the most transactions (10,351), followed by Business Bay (7,414), Dubai Marina (9,071), Al Mirkadh (5,538), Al Thanyah 5 (5,437), Burj Khalifa (5,220), Al Khiran First (4,567), Hadaeq Mohammed bin Rashid (4,195), and Jebel Ali First (3,737). This is the order in which the transactions are recorded.
Top Areas for Transactional Value:
With nearly Dh36.7 billion in transactions, Dubai Marina is at the top of the list. Palm Jumeirah is second with Dh28.51 billion, Jebel Ali Industrial First with Dh27.93 billion, and Wadi Al Safa 3 with Dh25.33 billion. The Burj Khalifa (Dh17.86 billion), El Merkadh (Dh14.53 billion), Business Bay (Dh20.08 billion), Al Khairan First (Dh13.81 billion), Hadaeq Mohammed bin Rashid (Dh13.6 billion), and Jebel Ali First (Dh12.91 billion) are some other noteworthy places.
Top Mortgage Areas:
With 1,186 mortgages, Dubai Marina leads the field. Al Thanyah Fifth (879), Al Barsha South Fourth (879), Burj Khalifa (874), Jebel Ali First (789), Al Awir First (743), Hadaeq Mohammed bin Rashid (665), Business Bay (652), Wadi Al Safa 5 (629), and Palm Jumeirah (526) closely follow.
Top Areas for Mortgage Value:
Palm Jumeirah ($6.19 billion), Wadi Al Safa 3 ($14.97 billion), Jebel Ali First ($6.96 billion), and Dubai Marina ($5.02 billion) are the next highest on the list. Jebel Ali First is at the top with Dh27.78 billion. Other noteworthy locations are Burj Khalifa (Dh2.24 billion), Al Khairan (Dh3.04 billion), El Merkadh (Dh3.45 billion), Business Bay (Dh4.11 billion), and Al Barsha South Fourth (Dh2.41 billion).
In conclusion, the exceptional performance of Dubai’s real estate market in 2023 is evidence of its tenacity and grit, propelled by its aggressive efforts to draw in domestic and foreign investors and its strategic vision. The city’s real estate industry has been essential to Dubai’s transformation and prominence as one of the world’s most important economic centres. The real estate market’s resilience and steady expansion testify to Dubai’s dedication to all-encompassing development initiatives and its standing as one of the world’s most powerful economies.
Follow ARP Media for more informative blogs.