Dubai, known for its stunning skyline and dynamic economy, has witnessed a remarkable surge in its property market. Recent data from the Dubai Land Department reveals that the Emirate recorded a whopping 116,116 new property transactions, amounting to approximately AED 429.6 billion (equivalent to $117 billion) in the first nine months of 2023. This impressive growth is a testament to Dubai’s resilience and attractiveness to investors.
These numbers reflect a significant uptick, with property transactions surging by 33.8 percent compared to the previous year. Additionally, property values increased by an impressive 36.7 percent during this period.
Sultan bin Mejren, the Director General of the Dubai Land Department, commented on this booming sector, noting, “This sector’s growth aligns perfectly with Dubai’s proactive economic agenda aimed at enhancing the Emirate’s competitiveness and attractiveness to global investors.”
Among the areas that experienced high transaction volumes, Al Barsha South Four topped the list with 10,351 deals during this period, closely followed by Dubai Marina with 9,071 transactions, Business Bay with 7,414, and Wadi Al Safa 5 with 5,602 transactions. The top 10 areas in terms of transactions also included Al Merkadh, Al Thanyah 5, Burj Khalifa, Al Khiran First, Hadaeq Mohammed bin Rashid, and Jebel Ali First.
In terms of the overall value of property deals, Dubai Marina led the way with more than AED 36.7 billion in transactions during the specified period. Palm Jumeirah followed with AED 28.51 billion, Jebel Ali Industrial First with AED 27.93 billion, and Wadi Al Safa 3 with AED 25.33 billion. Other areas making it to the top in terms of transaction values included Business Bay, Burj Khalifa, Al Merkadh, Al Khairan First, Hadaeq Mohammed bin Rashid, and Jebel Ali First.
When it came to mortgage deals, Dubai Marina claimed the top spot among the top 10 areas, with 1,186 mortgage transactions. It was followed by Al Thanyah Fifth, Al Barsha South Fourth, and Burj Khalifa.
This resurgence in Dubai’s property market can be attributed to several factors, including government initiatives such as residency permits for retired and remote workers, as well as the expansion of the 10-year golden visa program.
The property market’s revival coincides with strong economic growth in the Emirate. Dubai’s economy is expected to grow by 3.5 percent in 2023, following a 4.4 percent expansion last year, according to Emirates NBD.
Furthermore, Dubai continues to maintain its position as a global FDI hub. It retained its status as the world’s top destination for attracting greenfield foreign direct investment projects in the first half of this year, surpassing other global cities by a substantial margin, according to data from the Financial Times fDi Markets.
With its resilient property market and robust economic growth, Dubai remains a prominent destination for investors seeking opportunities in the Middle East.
Original article reference: The National News.
