Dubai Real Estate Hits 10 Year High: Q3 Sees $9.7bn Off-Plan Sales
Dubai Real Estate Hits 10 Year High in Q3 2023 saw a substantial upswing, marking a decade-high in property transactions and off-plan sales value, as per Property Finder’s analysis.
Off-Plan Transactions
Nearly half of the transactionsโ47.2%โwere attributed to off plan properties, totalling 14,714 transactions valued at AED 35.71 bn ($9.7bn) in Q3 2023, a significant leap from the previous year.
Shift in Tenant Preferences
Increasing rental values nudged tenants toward homeownership, notably boosting established property transactions by 21.2%.
Rise in Property Values
Dubai’s real estate values surged to AED61.8bn ($16.8bn) in Q3 2023, reflecting a 37.3% increase from the previous year.
Expansion in the Rental Market
The rental market expanded significantly, witnessing new and renewed contract growth, signalling a burgeoning interest in settling in Dubai.
Preferred Property Locations
Dubai Marina, Downtown Dubai, and Business Bay emerged as the top choices for apartments, while Dubai Hills Estate and Palm Jumeirah led in villa preferences.
Conclusion
Dubai’s real estate market in Q3 2023 showcases exceptional growth, establishing new benchmarks in transaction volumes, property values, and market dynamics.ย
The surge in off-plan sales, preference for existing properties, and evolving rental market trends contribute to the city’s thriving real estate landscape.
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