Dubai real estate is set for a strong first quarter, with February 2023 being a record month with a total of 8,515 transactions - the highest February in Dubai real estate history.

According to Zoom Property Insights, the off-plan market is driving Dubai real estate, with sales up by a little over 78 per cent. By comparison, the secondary market rose by 18.8 per cent.

Insights data also revealed that 17,741 transactions were recorded through to 2023. In terms of prices, the market rose by 10.5% and 11.5% in January and February respectively.

A further breakdown by Zoom Property Insights shows that the average price of a flat has reached Dhs1,211 per square foot, while the average price of a villa is Dhs1,432 per square foot.

Ata Shobeiry, CEO of Zoom Property, attributed the outperformance of Dubai real estate to rising demand and increased interest from high net worth individuals.

He said: "Despite global challenges in the form of inflation, the Dubai real estate market continues to trend upwards, attracting foreign investors and high net worth individuals. Judging by recent trends, both prices and demand are expected to increase over time."

According to Zoom property Insights February 2023, Jumeirah Village Circle (with nearly 1,000 transactions valued at Dh774 million), Business Bay (with 770 transactions valued at Dh1,327 million) and Dubai Marina (with 767 transactions valued at Dh2,727 million) were the top areas to buy property in Dubai.

Insights' data further shows that JVC, Dubai Marina, Business Bay and Dubai Creek Harbour were the top choices for flat buyers.

In terms of villas, the highest transactions were in DAMAC Lagoons, Arabian ranch 3 and Al Yelayiss 2. Nad Al Sheba First and The Valley were also popular with villa buyers in February 2023.

In terms of price per square foot, flats in Jumeirah, Palm Jumeirah and Downtown Dubai saw the highest increases at Dhs2,388, Dhs2,311 and Dhs2,278 respectively.

In terms of villas, The Palm Jumeirah (Dhs4,309), Emirates Hills (Dhs2,428) and Jumeirah Island (Dhs2,325) saw the biggest price increases per square foot.

"With the recent launch of several new developments, the Dubai real estate market continues to attract the attention of high net worth individuals and foreign investors, and poses stiff competition to other advanced metropolises. I expect this upward trend to continue throughout the year, enabling Dubai real estate to break records once again."