The Dubai real estate market has seen AED 10B (USD 2.72B) worth of transactions in the first week of the year, according to the Dubai Land Department. The top transactions were registered in Marsa Dubai, where land was sold for AED 623.07M (USD 170M), and in Al Thanyah Fifth with land sold for AED 77.23M (USD 21M).
The total number of plot transactions were 270, and in terms of apartments and villas, 1,907 units were sold for AED 4.89B (USD 1.3B). The top three transactions were registered in Island 2, where units were sold for AED 119M (USD 32.3M), AED 115M (USD 31.3M) and AED 75M (USD 20.4M).
Furthermore, 101 properties worth AED 1B (USD 272.3M) were granted between first-degree relatives. The total amount of mortgages registered in the first week of 2023 reached AED 1.85B (USD 504M). The most expensive transaction was seen in the Burj Khalifa with a mortgaged unit reaching AED 300M (USD 81M).
The majority of the transactions during the first week of 2023 were registered in Al Hebiah Fifth where 133 property deals worth AED 386.38M (USD 105M) took place, as well as in Jabal Ali First and Al Merkadh with 49 and 12 sales transactions worth AED 228.15M (USD 62M) and AED 125M (USD 34M) respectively.
There was AED 10B (USD 2.72B) worth of property deals registered during the first week of 2023 which showed a slight increase in comparison to the last week of 2022, when the Dubai real estate market saw 2,790 real estate transactions worth AED 9.6B (USD 2.6B).
During the week ending December 30, 179 plots were sold for AED 1.39B (USD 379M), while villas and apartments were purchased for AED 5.64B (USD 1.5B). The top numbers were seen in Marsa Dubai, where a land plot was sold for AED 229.7M (USD 63M), as well as in Jebel Ali Industrial Area 1 and Palm Jumeirah.
It is predicted that the Dubai real estate market will witness a significant 46% growth. Potential investors who are planning to generate a stable passive income from renting a property out, and foreigners wishing to experience living in one of the most developed locations in the world, should choose Dubai. Buyers and investors might be interested in one of the many latest property launches, which include Anya at Arabian Ranches III, One Crescent on Palm Jumeirah and Ibiza at DAMAC Lagoons.