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Dubai Real Estate Market Hits Historic Highs
一月 23, 2024
Dubai Real Estate Market Hits Historic Highs 迪拜
By   Internet
  • 都市报
  • Dubai Real Estate
  • Dubai Property Market
  • Dubai Real Estate Investment
Abstract: In 2023, Dubai's real estate market set multiple records, solidifying its position as one of the strongest and most attractive residential investment destinations globally.

As per the 2023 fiscal year report by Betterhomes, Dubai's residential sales transactions reached a historic high of 120,742 units, representing a 38% increase from 2022. More than half of these transactions were related to off-plan sales.

Records for real estate sales volume and value peaked in September 2023, with average prices surpassing the previous highest point in September 2014. Despite a decline in off-plan transactions, the overall trend for the year remained upward, indicating sustained interest from buyers in the Dubai real estate market despite rising prices.

Average property prices across the entire UAE increased by 18%. Specific areas like Dubai Creek Harbour and Jumeirah Palm Island saw property prices surge by over 30%, surpassing the pre-2014 crash peak. This surge indicates the impact of increased demand on real estate prices.

Despite the price increases, investors and end-users continue to show keen interest in Dubai's vibrant market. Leads handled by major brokerage firm Betterhomes increased by 91% year-on-year. In 2023 alone, the UAE attracted over 100,000 new residents, further stimulating real estate demand.

Dubai Real Estate Market Hits Historic Highs

Indians and Britons remained the most active foreign buyers, but investors from other countries such as Egypt, Lebanon, Pakistan, and Turkey significantly increased their investment in Dubai's safe-haven assets. The luxury segment also flourished, with transactions exceeding AED 15 million, more than twice the level seen in 2022.

With a supply-demand imbalance leading to rising rents, Betterhomes' average listing prices saw a comprehensive increase of 24%. The tight market environment pushed overall occupancy rates to unprecedented highs, ranging from 93% to 97%.

Real estate analysts, however, point out that urgently needed new supply is not expected to come online until late 2025 or later. This implies that Dubai's real estate market has further room for development in the coming years. Dubai's enduring appeal as a global business and lifestyle hub continues to attract significant interest from residents and investors worldwide.

Known for its unique geographical location, innovative urban planning, and rich living experiences, Dubai provides world-class education, healthcare, and infrastructure as a safe and stable country committed to building a sustainable future. These factors make Dubai an incredibly attractive place for both investors and residents.

In the coming years, as new supply gradually comes online, Dubai's real estate market is poised to remain active. The government is actively driving the development of the real estate market by introducing new regulations and policies to attract investors and increase market transparency. Dubai will continue to focus on attracting foreign investment and enhancing urban sustainability, further solidifying its status as a global residential investment destination.

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Dubai Real Estate Market Hits Historic Highs
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