Dubai’s real estate market has recorded yet another surge during Q3 2023, according to data by the Dubai Land Department.
The city has witnessed a 40% increase in total value of transactions worth of AED 97.55 billion and a 22% increase in the total number of transactions at 31,216 when compared to the same period last year.
The areas that have recorded the highest transaction value during these three months were Dubai Harbour, Palm Jumeirah, Sobha Hartland, Business Bay and Dubai Creek Harbour, whereas the communities which recorded the highest number of transactions in total were Jumeirah Village Circle, Arjan, Sobha Hartland, Business Bay and Jumeirah Lake Towers.
With several factors being key reasons for the industry’s continuous growth, the main catalyst and driving force remains the city’s booming off-plan sector, which according to real estate technology and market intelligence provider, Property Finder, now represents 64.7 per cent of the total market share.
Off-plan properties also contribute to Dubai’s ongoing development and rapidly increasing population, providing them with strong potential for appreciation in value by the time they are completed, and therefore showcasing ideal business opportunities for both short and long term investors.
Also published on Medium.
