The residential sector in Dubai recorded its busiest year thus far, with a spike in half-yearly property transactions recorded, according to a report released by global real estate service provider Savills. The transactions surged 44 per cent in the first half of 2023, as compared to a year earlier to touch 57,700, which when split includes 46,100 apartments and 11,600 villas.
While the months of summer were slow because many residents travel during the period, this trend seems to be changing in a climate of uncertainty, where Dubai property continues to gain traction from both residents and international investors. In the current period, the activity levels were up by 209 per cent, and early indicators suggest that the market activity is likely to remain strong in the second half of 2023.
According to the report, most residents in Dubai seek villas and townhouses as the preferred choice. With regards to rents, the developed and recognized locations such as retail, support infrastructure and employment hubs in Dubai have seen double-digit price growth, when compared to the previous year findings, Arab News reported.
According to the report, close to 50,000 residential units proposed are nearing completing by the end of this year.
In December last year, the Dubai’s Land Department launched a strategic plan 2026 to bolster growth of the real estate sector by providing seamless real estate services, effective legislation and integrated data through partnerships, leading digital infrastructure and an empowered human capital, the press release stated.
This new plan aims to enhance the contributions of the real estate sector to Dubai’s GDP, in addition to supporting the objectives of the other sectors and strategic directions.
