Dubai, UAE — The value of real estate deals in Dubai increased by 40 percent to reach AED 97.55 billion ($26.55 billion), compared to AED 69.5 billion in the third quarter of 2022, real estate company D&B Properties said.
The emirate’s market surged 22 percent in terms of transactions, with Q3 2023 recording 31,216 transactions compared to 25,503 in the same period in 2022.
A total of 23,042 units, 3,158 buildings and 5,016 plots were sold during the quarter. The top communities by transaction value were Dubai Harbour (AED 3.04 billion), Palm Jumeirah (AED 66 billion), Sobha Hartland (AED 2.52 billion), Business Bay (AED 2.43 billion), Dubai Creek Harbour (AED 1.62 billion).
In terms of the number of transactions, Jumeirah Village Circle topped with 1,418 transactions, followed by Arjan (1,163), Sobha Hartland (1,115), Business Bay (1,094) and Jumeirah Lakes Towers (765).
Husni Al Bayari, Chairman & Founder of D&B Properties, said, “The Q3 2023 real estate performance encapsulates Dubai’s property market not just as enduring but as a dynamic force of innovation and adaptability. It’s not merely about numbers; it’s about Dubai’s remarkable ability to evolve and thrive in the face of changing global landscapes.”