A new report concludes that with more than 57,000 real estate units purchased across Dubai during the first half of 2023, the residential sector is on track to become the busiest year on record, reported Al-Qabas Daily.
Savills, the global real estate services company, revealed that real estate transactions during the aforementioned period increased by 44% compared to the same period last year, to reach 57,700 units that were traded, as this included 46,100 apartments and 11,600 villas. Compared to the average of the past five years, transaction activity levels increased by 209% in the first half of 20
The activity of buyers in the real estate market sector on the map showed strong growth, as it constituted approximately 53% of the units sold during the first half of the year.
According to Savills, the rise in demand for map transactions indicates a buyer’s preference to delay commitment to higher lending rates in the current economic environment, and also reflects the increase in new project launches, which jumped to 27,900 units during the first half of 2023. However, despite the continued increase in Real estate prices, the pace of growth has slowed slightly.
Apartments in Palm Jumeirah one of the most popular residential areas in Dubai witnessed the highest semi-annual growth rates in prices, increasing on average by 19% compared to the second half of 2022. While Dubai Marina and Downtown were among the other high growth markets, after Unit prices grew by 14% and 11%, respectively. Other under construction sites included Al Furjan (9%), Sports City (8%) and Town Square (5%).
