Dubai-based real estate brokerage “Unique Properties” has revealed that 13.7 billion dirhams of recorded deals were completed in Dubai in the week ending July 7, 2023.
In the first quarter, Dubai recorded the highest sales of luxury real estate in the world, with 92 homes sold worth no less than Dh36.73 million each, surpassing international cities such as Hong Kong, the company pointed out. and New York, which recorded 67 and 58 home sales, respectively.
This marks another strong week for the UAE real estate sector, the company said in a statement, explaining that 323 plots were sold for a value of Dh3.33 billion in the week ending July 7. 2237 apartments and villas with a total value of 5.37 billion dirhams, mortgaged real estate worth 3.02 billion dirhams.
Luxury real estate
The increase in sales of luxury residential units has been instrumental in the sector’s continued growth, particularly in line with the significant increase in the number of high-net-worth individuals visiting Dubai over the past year.
Unique Properties cites recent data from global real estate consultancy Knight Frank, which showed 176 homes priced at or above 36.73 million dirhams per home were registered in the first half of 2023, leading to an annual increase. The prices of all apartments and villas across the country will increase by 15% and 46% respectively by the end of June 2023.
In the first quarter of this year, Dubai saw the sale of 92 houses, worth no less than 36.73 million dirhams, in the first quarter of this year, the highest number recorded in the world. Hong Kong and New York, respectively, sold 67 and 58 respectively. House in a row.
“Palm Jumeirah”, “Emirates Hills” and “Jumeirah Bay Island” were the top areas contributing to this strong performance, especially in the second quarter of this year, contributing 63% of total sales, while neighboring areas, “Jumeirah Golf”, “Al Barari” in real estate “, “Dilal Al Kauf” and “Jumeirah Islands”, are prime areas for luxury investments.
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Arash Jalili, founder and CEO of Unique Properties, said: “Dubai continues to strengthen its position as a preferred destination to live, especially for the world’s ultra-rich who seek promising opportunities in the world’s diverse markets.” He added, “Strong investment opportunities, highly profitable industries and a comfortable lifestyle are among the key factors driving high volume demand and increased wholesale sales in the emirate, allowing new residents to put their investments to good use.”
Unique Properties said it will contribute 2% of the project’s total real estate sales and 1% of Dubai’s total real estate economy in 2021 alone, having recorded deals worth Dhs 300 billion.
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