Dubai’s Property Market Achieves Record-Breaking Growth in 2023

Dubai's Property Market Achieves Record-Breaking Growth in 2023, Trend Set to Continue into 2024

The Dubai Land Department (DLD) has unveiled that the city’s property market has soared, with transactions surpassing AED 400 billion across 129,000 deals last year.

Dubai has continued to attract international investors, maintaining its allure despite the uptick in prices within the luxury sector.

In a remarkable year, the DLD disclosed that the total value of property sales in Dubai went beyond AED 400 billion through 129,000 transactions. This surge reflects a 51 percent boost in monetary terms and an over 32 percent increase in the volume of deals, compared to AED 265 billion in 2022. Such a leap has reinforced the UAE’s status as the premier destination for real estate investments in the GCC for 2024.

Dubai's real estate milestones are surpassing expectations

Contrary to initial forecasts that pegged real estate sales at AED 300 billion by the end of 2023, Dubai shattered these projections by a significant 25 percent margin. The emirate is on track to see its population of centi-millionaires—those worth $100 million or more—climb by 80 percent by 2033. This uptrend is anticipated to make Dubai’s luxury property segment the world’s most rapidly expanding market. With the recent influx of nearly 10,000 high-net-worth individuals over the last two years, 2024 looks promising for further expansion in this demographic. Dubai’s strategic location, efficient processes, and the lure of tax-free living continue to draw investors globally.

Original article reference: Arabian Business

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