The economy of Dubai gets a lot of its contribution from real estate industry, 2023 has been a year that has seen a lot of extraordinary advancements in this industry. The real estate market made headlines by touching new heights through the completion of a record 1.6 million deals totalling AED 634 billion. This stellar performance that represented a 17% jump over 2022 results was due to the strong economic growth in the emirate as well as government programs and population growth.
During the first half of 2023, non-oil industries in the UAE expanded by 5.9 percent with 3.7 percent for total economy. Dubai’s real property and construction sectors grew via 3.6% and 1.9%, respectively.
There were a total of 145 projects comprising more than 36,700 units that were completed. Al Merkadh posted the highest number of completions for the year at 8,766 units. In addition, over 350 real estate projects have been launched this year, thus adding a total of 77,000 residential units into the marketplace. Leading in this trend was Jumeirah Village Circle (JVC) with 11,446 units.
The luxurious offerings of Dubai’s real estate market were on full display in 2023, September 2022 saw a house in the Emirates Hills area go for AED 170 million, the highest-ever sale of residential property in Dubai. Also, waterfront properties are another craze going around town too because Creek Harbour finished 3,338 units by 2023, while Palm Jumeirah contributed about 1,355 more during this period making it remain as an address that is most admired.
There are numerous investment opportunities available in the property market in Dubai, ranging from high-end flats and villas to office buildings and pieces of land. Market remains an attractive investment option for those willing to conduct thorough research and understand the market. The city-state’s favorable geographical position, outstanding infrastructure, and peaceful political settings have attracted investors’ attention internationally. The Dubai authorities delivered programs like the Golden Visa and Retirement Visa to draw investors and citizens. It has attracted many international investors whose range is wide in the real estate market. Not only do Asians increasingly desire diversification within their portfolios but they are also searching for new investments in sectors other than their home markets.
During the year 2023, Indians have made Dubai’s number one buyers for properties, showing how much luxurious living spaces are in demand within the royal city of Dubai. Most clients have been interested with the expensive duplexes, townhouses, and villas, with extra luxury and exclusive facilities.
In 2023, the Dubai real estate market has flourished by showing off its resiliency and adaptability traits distinguishing new records for both domestic and overseas financiers. This success can be attributed to healthy economic fundamentals reinforced by international funding streams, and premium projects on waterfronts besides luxury real estate properties.
In 2024 Dubai’s real estate sector will keep breaking new ground mainly because demand for property is growing among locals and investors. Everything looks promising since there are so many projects and structures going up all over the city while the economy stays healthy thanks to government policies and efforts.
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