Dubai’s Real Estate Market Achieves Dh429.67 Billion in Transactions, Showcasing Strong 2023 Growth

Dubai’s real estate market has demonstrated remarkable growth in the first three quarters of 2023, witnessing a substantial 36.7 percent surge in transaction value and a 33.8 percent increase in the number of transactions compared to the same period in 2022. According to the Dubai Land Department, a total of 116,116 real estate transactions valued at Dh429.67 billion were recorded during this period. This impressive growth can be attributed to Dubai’s esteemed global reputation, its robust infrastructure, and the unwavering commitment of its leadership to development.

Real estate investments in the city have also experienced consistent expansion, with 81,669 investors registering 109,186 investments amounting to Dh278.7 billion. This signifies a remarkable 50.3 percent surge in value, a 33.3 percent increase in the number of investments, and a 37.4 percent rise in the number of investors. These positive trends can be attributed to the strategic efforts of the Dubai Land Department in elevating Dubai’s status as a prime global destination for real estate investments.

Sultan Butti bin Mejren, the Director General of the Dubai Land Department, emphasized the global significance of Dubai’s real estate sector, stating, “Dubai’s real estate sector has set a global example for growth and excellence and has played a pivotal role in advancing the national economy and driving comprehensive development initiatives aimed at elevating the emirate’s status as a leading economic powerhouse.”

Among the notable areas that attracted investor interest for new property acquisitions were Al Barsha South Fourth, Marsa Dubai, and Al Merkadh. Collectively, the top ten areas, out of a total of 120, accounted for 52 percent of all transactions. During the first three quarters of 2023, Al Barsha South Fourth led the list of top ten areas in terms of transactions, recording 10,351 transactions, followed by Dubai Marina (9,071), Business Bay (7,414), Wadi Al Safa 5 (5,602), Al Mirkadh (5,538), Al Thanyah 5 (5,437), Burj Khalifa (5,220), Al Khiran First (4,567), Hadaeq Mohammed bin Rashid (4,195), and Jebel Ali First (3,737).

In the third quarter of 2023 alone, the total value of transactions reached AED114,271 million ($31,115 million), with an average transaction value of AED2.488 million ($680,000). This marks a substantial increase compared to the previous year, with reported figures of AED58,488 million and AED2.189 million, reflecting a notable 95 percent and 14 percent year-on-year growth, respectively.