Staff Writer: ZAWYA

December 27, 2023

Dubai is on track to wrap up the year on a stellar note, with property sales poised to exceed AED400 billion ($108.9 billion), according to a new analysis.

The value of real estate sales since January 2023 has so far reached more than AED393 billion and could climb by a few billion dirhams more over the next few days to achieve a new record for 2023, Dubai-based real estate brokerage firm W Capital said on Tuesday.

“There were more than 127,000 deals (already recorded since January), and with a week before the end of the year, it is expected to exceed AED400 billion,” said Walid Al Zarooni, CEO of W Capital, citing data from the Dubai Land Department (DLD).

A look at the daily transactions posted by DLD would also show that the value of properties sold in Dubai has been exceeding more than AED1 billion daily, sometimes hitting more than AED3 billion or AED4 billion on some of the busiest days.

Last month, the property market recorded more than 12,000 sales transactions worth AED42.41 billion, according to Property Finder. Apartments dominated the deals, accounting for more than 80%, while villas and townhouses accounted for 18.8%.

Dubai has been attracting a significant influx of buyers locally and overseas, including those who prefer prime real estate.

Dubai’s property market is expected to post an annual prime price growth of 14% this year, the highest among major markets monitored by Knight Frank.

It said that residents and international buyers have been focusing on Dubai’s most affluent neighbourhoods, with inland villas offering luxury living in green settings, aside from waterfront properties, now in demand.

“Despite ongoing global uncertainties with regard to inflation, interest rates, climate issues, conflicts and technological advancements, the Dubai property market is poised for a robust end to 2023,” Asteco also said in a separate report.