Dubai registered record 11,597 real estate sales last month

According to data collected by Unique Properties there were 29,323 real estate transactions in the first three months of 2023,

Furthermore, there were an unprecedented 11,597 units registered in March.

Dubai real estate boom

Both figures represent real estate records in the city, said Unique Properties.

The quarterly figure is 47.3 per cent higher than the previous year and has been supported by a 96.1 per cent growth in off-plan transactions, alongside a 12.4 per cent  increase in secondary market transactions.

As expected, the cost of living has also gone up with this surging demand as the average residential prices in Dubai have also increased by 12.8 per cent in the year through March 2023, with average apartment prices increasing by 12.4 per cent and average villa prices by 14.8 per cent over the same period.

The more luxurious areas in Dubai have witnessed the most significant growth in volume, such as Jumeirah recording the highest sales rate per square foot in the apartment segment of the market, reaching AED2,441, while Palm Jumeirah has recorded the highest sales rate per square foot in the villa segment of the market, reaching AED4,457.

Arash Jalili, Founder and CEO of Unique Properties, said: “The strong surge in demand for real estate is evident through the immense numbers that we have seen during the first quarter of this year with off-plan sales being the leading catalyst for this historic performance, and one of the main reasons why we should expect to maintain and possibly even exceed the total number of units generated for the upcoming months.

“The increase in demand, of course, also affects the overall cost of living for residents and why we have also witnessed that a huge bulk of sales registered were in the more expensive areas and through the purchases of ultra-luxury properties, as Dubai continues to be a more attractive investment option for HNWIs (High Net Worth Individuals), which we have seen a huge influx of during the last couple of years especially.

“This is yet another testament to why the city has been ranked as one of the top choices for expatriates to live in, due to various reasons such as tax benefits, a stable economy, quality of life and outstanding healthcare and education, just to name a few.”

A report by Knight Frank sheds light on another factor for why Dubai’s real estate industry has been booming through its “Dubai’s Branded Residential Market – 2023”,  highlighting a total of AED25.4bn in sales generated from its branded residences with an estimate of 2,000 more units to be provided in 2023.

One of the most recent ultra-luxury units registered earlier this year was the Bulgari Lighthouse development that sold for AED410m; the huge 38,970sq ft penthouse is located in the Jumeirah Bay Island development and includes more than 13,000sq ft of balcony and terrace space.

The total figures of sales for branded residences provides an 80% year-on-year growth in comparison with the previous year, with 62 per cent of these units being sold in the off-plan market.