The Dubai real estate market has witnessed a remarkable surge in Q1 2023, with a staggering 147% increase in the value of transactions compared to the same period last year. Additionally, the number of transactions has risen by an impressive 67%.
According to the latest data released by the Department of Municipalities and Transport (DMT), the sector has recorded a total of 3,518 property sales amounting to AED 16.2 billion ($4.41 billion). This represents a significant growth from the 1,722 transactions valued at AED 4.4 billion during the first quarter of the previous year, indicating a remarkable 268% increase in the total value of property sales and a notable 104% rise in the number of transactions.
In Q1 2023, the Dubai real estate sector achieved a milestone with 5,511 property sales and mortgages worth a staggering AED 27.9 billion, surpassing the figures of the same period in 2022, which saw 3,304 transactions valued at AED 11.3 billion.
“The increase in the number of transactions is also a reflection of the confidence of investors in the Dubai real estate market. The government’s continuous efforts to enhance the investment environment and regulatory framework have significantly contributed to this positive trend,” stated Dr. Adeeb Afifi, Executive Director of the Real Estate Sector at DMT.
Moreover, the percentage of non-resident investors during this period has seen a substantial surge, with a 75% increase from the 6.10% recorded in the first quarter of the previous year, reaching an impressive 10.71%.
This outstanding growth in the Dubai real estate market showcases the immense potential and attractiveness of investing in the region. With its robust investment environment, regulatory framework, and increasing confidence of investors, Dubai continues to emerge as a prime destination for real estate opportunities.
Explore the lucrative Dubai real estate market and seize the chance to be part of this booming sector. Stay updated with the latest trends and investment opportunities to make the most informed decisions and capitalize on the potential of Dubai’s thriving real estate industry.
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