A quarter trillion dirhams of real estate transactions in Dubai in the first half of 2023

The real estate sector in Dubai continued its historical performance, recording the highest semi-annual sales ever in the first 6 months of this year. A total of 60,440 sales transactions were recorded with a total value of AED 177.3 billion, according to the Dubai Land Department.

With the recorded value of registered real estate mortgages reaching AED 61.7 billion in the first half of 2023, including grants worth AED 13.6 billion, the total real estate transactions in Dubai in the first 6 months of this year amounted to AED 252.7 billion.

Compared to the first half of last year, which witnessed 42,842 sales transactions with a value of AED 114 billion, the achieved growth rate in the value of property sales in Dubai in the first half of this year reached 55.5% with a 44% growth in the number of sales transactions.

The value of real estate sales recorded in the first 6 months of 2023 exceeds the annual sales value recorded each year in Dubai from 2009 to 2021.

Sales included 47,411 residential and commercial unit sales with a value of AED 94.5 billion, 7,451 land sales with a value of AED 67.4 billion, and 5,578 building sales with a value of AED 15.3 billion.

Ready properties accounted for the majority share of real estate sales in Dubai in the first half of this year, recording 30,116 sales transactions with a value of AED 107.5 billion, compared to 25,371 sales transactions with a value of AED 79.6 billion in the first half of last year, achieving a 35% growth in sales value.

Real estate sales on the map in the first 6 months of this year recorded 30,324 sales transactions with a value of AED 69.8 billion, compared to 17,471 sales transactions with a value of AED 34.4 billion in the same period last year, representing a growth of 103% in sales value.

Largest deal

Dubai witnessed the largest real estate sales deal in its history in the first half of 2023, with a land sale covering an area of approximately 203 million square feet in the adjacent Maktoum International Airport area, valued at AED 3.8 billion. Additionally, the most expensive apartment sale ever was officially recorded at AED 410 million in the Bulgari Residences project on Jumeirah Bay Island.

Palm Jumeirah

Palm Jumeirah topped the list of the most sold areas for properties in Dubai in the first half of this year, recording AED 13.2 billion in value from 1,447 sales transactions. It was followed by Dubai Creek Harbour area in second place with a value of AED 10.28 billion from 3,012 transactions. The Dubai International Financial Centre (DIFC) area ranked third with a value of AED 10.21 billion from 4,531 sales transactions, while the Burj Khalifa area came in fourth with a value of AED 10 billion from 2,440 transactions. The Dubai Marina area ranked fifth with a value of AED 8.7 billion from 1,453 transactions.

Meanwhile, Jumeirah Circle Village recorded the highest number of sales transactions in Dubai, with 6,548 sales transactions amounting to AED 6.4 billion.

Dubai has enhanced its attractiveness as a real estate investment destination thanks to the diversity of products and multiple investment options. The influx of visitors, tourists, and residents for work and living purposes has contributed to the demand for real estate units.

The distinction of new projects has also helped attract global elites, as the emirate has strengthened its position as a living and residential destination by supporting residence facilities and visas, making it a preferred destination for those seeking luxury and stability around the world."

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