In the week ending July 7, 2023, Unique Properties, Dubai's leading real estate agency, confirmed that the UAE's real estate sector recorded another record week, with Dh13.7 billion in registered transactions. During this period, 323 plots were sold for Dh3.33 billion, 2,237 apartments and villas were purchased for a total of Dh5.37 billion, and the total value of mortgaged properties reached Dh3.02 billion during the week.
The growing number of luxury home sales is the main reason for the sector's continued growth, which is also in line with the increasing influx of millionaires into the city, especially in the last year. According to the latest figures from global real estate consultancy Knight Frank, 176 homes worth Dh36.73 million or more came on the market in the first half of 2023 as of the end of June, leading to annual price increases of 15 percent and 46 percent for all apartments and villas in the city, respectively.
Dubai also sold 92 homes worth at least Dh36.73 million each in the first quarter of the year, making it the world's largest city in terms of the number of homes sold, ahead of Hong Kong and New York, which sold 67 and 58 homes respectively. Palm Jumeirah, Emirates Hills and Jumeirah Bay Island were the main contributors to this strong performance, particularly in the second quarter when they accounted for 63% of total sales, while Jumeirah Golf Estates, Al Barari and Jumeirah Bay Island were the main contributors. Estates, Al Barari, Tilal Al Ghaf and other communities such as the Jumeirah Islands may soon become prime areas for ultra-luxury investments.
Arash Jalili, Founder and CEO of Unique Real Estate, commented: "Dubai has always been an increasingly popular place to live, especially for the world's wealthiest people, who are entering the Dubai market with the aim of finding wider scope for growth anywhere in the world. Strong investment opportunities, lucrative careers and comfortable lifestyles are the main drivers of strong demand and growth in total sales in the city, with new expatriates and residents content with their investments despite price increases.
Through its multi-lingual and experienced team of consultants, Unique Properties contributes to the growth of the sector by offering a range of services through its off-plan projects as well as a large number of properties for sale and rent. In 2021 alone, Unique Properties' Off-Plan sales accounted for 2% of total sales in Dubai and approximately 1% of Dubai's overall real estate economy, with a transaction value of Dh300 billion.
