Dubai, UAE – The Dubai Land Department (DLD) reported over 3,200 transactions worth AED 24.7 billion last week and this upwards trend appears to have become a staple of permanence in the emirates’ real estate market.
Sales frequency has surged on the heels of investor confidence being renewed amid continued recovery from the pandemic.
Savills research shows real estate transactions soared by 44 percent in the first six months of 2023 with nearly 60,000 units. Additional industry analysis indicates that the emirate will observe growth of approximately 15 percent in 2024.
With overseas turmoil seeing many Europeans safeguard their assets overseas, and China’s borders recently being re-opened after nearly three years of COVID-induced restrictions, an influx of investment has seen both the price of ownership and rentals rise steadily.
The cost of buying an apartment in Dubai has risen by 21 percent since January 2020 and villas have surged by 51 percent in the same period. Some residents in the emirate have seen their rent increase by more than 50 percent causing many to downsize, shift locations to less expensive areas, and even turn to buying instead.
Arash Jalili, Founder and Chief Executive Officer of Unique Properties, said, “Dubai is continually proving itself as a secure investment with several forward-thinking initiatives being introduced regularly and a provision of unparalleled stability in turbulent times.”
He said, “This is the primary catalyst behind the real estate market’s post-COVID resurgence and all signs indicate that there is no slowdown in sight.”
He added, “Through its team of multilingual, international and experienced consultants, the company contributed 2 percent to the total “off-plan” sales volume of Dubai and around 1 percent to the overall real estate sales in Dubai in 2022.”