Dubai property market
S&P Global Ratings anticipates Dubai’s economy to grow by 3 percent in 2023 and maintain a similar growth momentum over the next two to three years. The positive outlook further supports the prospects for Dubai’s real estate market in the coming years.
In January, the Dubai property market achieved remarkable results, with the emirate’s Crown Prince, Sheikh Hamdan bin Mohammed, The total value of property deals reached a new record high of Dh528 billion.
According to a statement from the Dubai Media Office, the value of transactions increased by 76.5 percent compared to the previous year. Additionally, the number of transactions rose by 44.7 percent year on year, reaching a total of 122,658.
These impressive figures highlight the strong growth and investor confidence in the Dubai property market, indicating a robust and thriving real estate sector in the emirate.
In May 2022, the secondary market in the emirate of Dubai witnessed a significant annual increase of over 55 percent in transaction volume, with more than 6,000 recorded deals.
The value of these transactions also experienced a notable surge, jumping 62 percent compared to the previous year to reach Dh19.5 billion.
Several prominent developments, including Palm Jumeirah, Burj Khalifa, Dubai Hills, Wadi Al Safa 3, Business Bay, Dubai Marina’s Marsa Dubai, Madinat Al Mataar, Jumeirah Village Circle, Al Hebiah Fifth, and Emirate Living, contributed to over 45 percent of the total sales value and 39 percent of the total transactions.
According to the latest data from Property Finder, the most searched-for areas for apartments in May were Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah, and Jumeirah Village Circle.
When it came to villas and townhouses, buyers showed a preference for properties in Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, and Damac Hills, as indicated by the data.
The property preferences of buyers in May followed the trends observed in April, with over 58.1 percent of prospective buyers seeking apartments, while the remaining percentage showed interest in villas and townhouses.
Within the rental segment, the majority of tenants, accounting for 77.7 percent, searched for apartments, while 22.3 percent were looking for villas and townhouses, according to the Property Finder report.
These insights provide a comprehensive overview of the market dynamics and buyer preferences in Dubai’s real estate sector during the specified period.