60,440 sales transactions worth $48.2bn were recorded in Dubai during H1 2023 says Unique Properties
The firm said that the most expensive apartment sale ever was recorded in the Bulgari Residences project on Jumeirah Bay Island at $111.6mn
Unique Properties says that it has observed “an unprecedented surge in Dubai’s real estate sector”, with 60,440 sales transactions worth $48.2bn being recorded during the first half of the year.
The value of real estate sales recorded in the first six months of the year is said to exceed the annual sales value recorded each year in Dubai from 2009 to 2021, while also showcasing a 46.71% jump for the residential property market and 30% for the commercial sector when compared to the same period last year, the firm said.
During the period, the firm notes that Dubai has witnessed the largest real estate sales deals in its history with transactions, including a land sale covering an area of approximately 203m sqft in the adjacent Maktoum International Airport area, valued at $1.03bn. The firm pointed out that the most expensive apartment sale ever was recorded in the Bulgari Residences project on Jumeirah Bay Island at $111.6mn.
“Dubai keeps on paving the way for everyone and proving to the world that it is a top destination when it comes to both its residential and commercial sectors. Whether it is expatriates who are looking to enter the market for strong business opportunities or high net worth individuals (HNWIs) wanting to experience the luxury lifestyle that Dubai has to offer, the city is always committed to providing a multitude of benefits that cater to everyone’s needs, coupled with the UAE government’s initiatives to further strengthening the sector. A strong Golden Visa program, real estate regulations that safeguard investors’ interests, full business ownership incentives are just some additional factors to ensure that the sector will always maintain its prosperity, while continuing to attract more expatriates into the UAE,” stated Arash Jalili, Founder and Chief Executive Officer of Unique Properties.
The firm also said that Dubai has witnessed a strong surge in its residential market. According to ‘Savills World Cities Prime Residential Index,’ the emirate ranks as the best city in the world when it comes to the price growth for luxury homes.
While prices globally experienced the slowest annual growth since December 2020, Asia-Pacific cities experienced the strongest luxury price growth in the first half of the year; Dubai led the way with an 11.2% increase in luxury home prices, further solidifying its position as one of the top destinations in the world for expatriates to visit and live in, surpassing London, New York and Paris as the world’s leading luxury property market, the statement concluded.
