The real estate sector in Dubai recorded record growth from the beginning of this year to the end of August 2023, amid strong performance that exceeded expectations and achieved its best ever sales figure for the same period, according to Emirates Today” data from the Dubai Land Department, real estate experts for the real estate sector in the emirate in 2023. Expect it to be a historic and exceptional year.
Sales in the first eight months rose to 250.6 billion dirhams, resulting in more than 84,000 transactions, compared to approximately 159.2 billion dirhams, resulting in 59,634 transactions in the same period in 2022, a growth of 57.4% in terms of value and 41% in terms of the number of deals.
Based on these data, sales are expected to break the barrier of 350 billion dirhams by the end of this year, which will be considered a new historical figure supported by the attractiveness of the emirate’s investment environment and its global status. Best cities to live, work and invest as rated by experts and analysts.
In turn, registered real estate mortgages from January 1, 2023 to August 31 were 80.6 billion dirhams, and donations were 18.8 billion dirhams, bringing the total real estate transactions recorded from the beginning of 2023 to the end of August. 350 billion dirhams. Dubai real estate market sales in August 2023 increased by 38% year-on-year to Dh33.6 billion, the third highest monthly figures after last July and March with values of Dh37.6 and Dh34 billion respectively.
“The performance of the real estate sector in Dubai since the beginning of the year has been impressive and has exceeded expectations,” said Mohammed Al-Mutawa, Chairman of the Board of Directors of Al-Waleed Investment Company. has become a brand worldwide and is a name for trust and security, development and trust in the government that has led to the continued prosperity of the real estate sector in Dubai.
Al-Mutawa expects 2023 to be a historic year for the real estate sector in Dubai, despite the increase in supply over demand in the sector.
For his part, Saleh Tabbak, CEO of Al-Andalus Courtyard Real Estate Development Company confirmed, “Dubai currently competes only with itself at the level of real estate markets in the world, and has exceeded all expectations above all other markets.”
Tabak said: “The current market situation is not a temporary situation, but a result of a very strong infrastructure and integrated situation that attracts international capital because the emirate has attraction and exclusivity at all economic levels.”
In addition, Abdul Karim Al Mulla, CEO of Standard Real Estate Management, said, “Competitiveness in Dubai has moved to a new level, at a time when real estate deals are breaking records, while the emirate’s real estate continues to consolidate. Its global appeal, especially in luxury real estate, attracts the affluent.” All over the world”. Al-Mulla added, “Achieving record real estate contracts and sales is primarily due to the directives of the leadership and the availability of security and protection,” and expects this exceptional performance of the real estate market to continue for the remainder of the year.
Also, Zahi Kasho, CEO of Elio Real Estate, said, “Dubai has seen significant growth in its real estate market since the start of 2023, and the growth is still continuing as sales have reached record levels. Unprecedented demand has resulted from the migration of the world’s wealthy to the emirate.” This has led to economic results and historical numbers in the real estate market, and what the data and indicators show is an increase in real estate prices and an increase in the population of the emirate.” Kashoo expects 2023 to be another exceptional year for Dubai real estate.
Muhannad Al-Wadiah, Managing Director of Harbor Real Estate, said that 2023 will be a historic year for Dubai’s real estate industry, just like last year. Since the beginning of this year, the sector has seen rising demand, along with rising prices, introducing new schemes that cater to a segment of high-net-worth foreign customers and buyers, including the rich and famous. Al-Wadia confirmed that the performance of the real estate sector exceeded all expectations.
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