Sales Volume shot up to reach USD $ 24.25 billion in Q1
The real estate market in Dubai continues to show strong growth in the first quarter of 2023. Sales volume and number of transactions have increased significantly, with the most notable increase being in the off-plan market. These figures demonstrate that the real estate market in Dubai is still growing at a rapid pace despite the pandemic crisis that has affected many other markets around the world over the past year or so. This is a testament to Dubai's resilience as a global hub for business and investment opportunities, as well as its attractiveness as a destination for international buyers looking for luxury properties in one of the world's most vibrant cities.
Off-plan properties continue to remain in vogue
The real estate market in Dubai has been booming for some time now, and the figures for the first quarter of 2023 have only confirmed this trend. According to official statistics from the Dubai Land Department, sales volume in Q1 2023 exceeded 88.7 billion Dirhams (USD $ 24.25 Billion), that is Quarterly Year on Year (YoY) increase of +60.5% compared to Q1 2022. The number of transactions also increased significantly, with 30,895 sales recorded in Q1 2023, an increase of +50.6% compared to the first 3 months of 2022.
Popular areas and preferred location of investors
Jumeirah Village Circle tops the chart for popular neighbourhood by almost 11%, followed by Business Bay at 9%, Dubai Creek Harbour at 6%, Al Hebiah Fifth and Dubai Marina competing closely at 4%. On the other hand Dubai Creek Harbour is leading with highest percentage of total value of sales in quarter 1 at 8.5 %, followed by the popular palm Jumeirah at 7.5 %, Business Bay at 7% and Burj Khalifa settles at 5%.
Here are the 5 Dubai neighbourhoods that recorded the most sales in value and number of transactions in Q1 2023:
Jumeirah Village Circle
Business Bay
Dubai Marina
Dubai Creek Harbour
Burj Khalifa
Preferred Landmark of Investors and Nearest mall
The below mentions top 5 mall preference where Dubai Mall continues to remain the top landmark choice for global investors but Marina Mall is being a close competition. MOE had a steady popularity over the years, whereas Midriff Mall is gaining much traction due to close proximity with the Dubai downtown.
Considering to buy Real Estate in Dubai ?
Some of the important points to keep in mind
Determine the purpose, Is it for personal Use or Investment?
Do thorough research about the upcoming area, infrastructure, and accessibility.
Ensure you read the fine print about maintenance fees and other expenses.
Consult a learned advisor to make an informed decision and under more about the developer and its track record.
Consider not only where to buy but also how to buy properties. (You read that right)
How can we help ?
We are actively working in the area of investor protection by handholding clients in their investment decisions to mitigate any legal risks. For inheritance and wealth planning purposes it is advisable to either register a WILL in Dubai to protect your investments or establish a corporate structure that own the properties on behalf of you. Moreover, we work with trusted developers in Dubai who can give you access to off-plan properties without the broker margins so that you can make the most of your investment.
If you are an investor and needs advice on diversifying, structuring and protecting your assets, we will be happy to set up a call and understand the crucial aspects to add value. Please write to us via our contact section and so we can set up a complementary virtual appointment for you.