Feb 2023 sets new record in Dubai real estate transactions

DUBAI: Dubai real estate is headed for a strong first quarter as February 2023 proved to be a record-breaking month with 8,515 transactions in total, marking it as the highest February in the history of Dubai real estate.

According to the Zoom Property Insights, the off-plan market is driving Dubai real estate as it recorded a little over 78 percent increase in sales. In comparison, the secondary market jumped by 18.8 percent.

The Insights data also disclosed that a total of 17,741 transactions had been recorded so far in 2023. In terms of price, the market witnessed a 10.5 percent and 11.5 percent increase in January and February, respectively.

A further breakdown from the Zoom Property Insights reveals that the average price per square foot for apartments has reached AED 1,211, while for villas, it is recorded at AED 1,432.

Ata Shobeiry, CEO of Zoom Property, credited the rising demand and increased interest from HNWIs as the major reasons for the high performance of Dubai real estate.

He said, “Despite facing global challenges in the form of inflation, the Dubai property market continues its upward trend, attracting foreign investors and HNWIs. Going by the recent trends, both the prices and demand are expected to increase as the year progresses.”

Top performing areas

Jumeirah Village Circle (with nearly 1,000 transactions worth AED 774 million), Business Bay (with 770 transactions worth AED 1,327 million), and Dubai Marina (with 767 transactions worth AED 2,727 million) are the top areas to buy property in Dubai, according to the Zoom Property Insights for February 2023.

The Insights data further shows that JVC, Dubai Marina, Business Bay, and Dubai Creek Harbour are the preferred choice of buyers for apartments.

For villas, the highest sale transactions were recorded in DAMAC Lagoons, Arabian Ranches 3, and Al Yelayiss 2. Nad Al Sheba First and The Valley also gained popularity among villa buyers in February 2023.

In terms of price per square foot, Jumeirah, Palm Jumeirah, and Downtown Dubai recorded the highest increase for apartments with AED 2,388, AED 2,311, and AED 2,278, respectively.

For villas, Palm Jumeirah (AED 4,309), Emirates Hills (AED 2,428), and Jumeirah (AED 2,325) recorded the highest jump in terms of price per square foot.

“With several new developments launched in recent times, the Dubai property market continues to grab the attention of HNWIs and foreign investors and pose tough competition for other advanced metropolises. I am hopeful that this upward trend will continue throughout the year, making it another record-break year for Dubai real estate.”

Zoom Property (www.zoomproperty.com) is an emerging property portal in the UAE with a primary focus on Dubai, Abu Dhabi and Sharjah markets. The portal also features international properties in KSA, the UK and other regions on the platform to facilitate buyers and renters. It is also popular among developers, real estate brokerages and property sellers.