Staff Writer: Khaleej Times
August 01, 2023
Dubai’s real estate sector has been witnessing exponential growth on the back of foreign investments as well as more residents shifting from tenant to ownership. In the first half of 2023, the emirate recorded 76,119 real estate transactions worth Dh283 billion, according to the latest data released by the Dubai Land Department.
The highest transaction volume occurred for Al Barsha South Fourth, Dubai Marina, and Business Bay. While Dubai Marina, Wadi Al Safa 3, and Palm Jumeirah recorded the highest value of transactions.
Below are the top nine areas that recorded the highest transactions value in Dubai during the January-June period.
Dubai Marina topped the list with transactions worth over Dh24.96 billion. Marina is an affluent neighbourhood, offering world-class facilities to residents and plenty of options for shopping.
Wadi Al Safa 3 came second with Dh20.99 billion worth of property transactions in H1 2023. Offering a mix of residential buildings and villas, the locality is easily accessible from Dubai’s main roads.
Palm Jumeirah, which is home to some of the richest people in the UAE and globally, recorded Dh19.43 billion worth of transactions. Popularly known as the Billionaires’ Row, Frond G on the Palm is one of the most expensive areas in the entire emirate. It has more signature villas than all of Palm Jumeirah combined.
Jebel Ali Industrial First registered Dh14.02 billion worth of transactions. This area is increasingly getting popularity after the launch of Palm Jebel Ali. In the coming years, this locality will also be one of the most sought-after destinations in the emirate.
Recording Dh13.3 billion worth of property transactions, Business Bay is one of the most popular places for offices and residences. Located centrally and close to Downtown, Business Bay has seen some of the most prestigious project launches in Dubai such as Bugatti by Binghatti Residences where a penthouse is up for sale for Dh750 million.
Al Khairan First recorded Dh10.81 billion worth of real estate transactions. Offering a mix of residential apartments and villas with a range of amenities and facilities, the area gives a cosmopolitan feel to the residents.
Hadaeq Mohammed bin Rashid area saw Dh10.27 billion worth of transactions during January-June 2023. Centered around the concept of “garden living, the project is centrally located and spans across the Nad Al Sheba area.
Ranked 9th most active place for property transactions in terms of value, Jebel Ali First registered Dh9.64 billion worth of transactions. This is an upcoming community offering a mix of residential and commercial development.
The mixed-use development El Merkadh witnessed Dh9.41 billion worth of property transactions during H1 2023.