Dubai real estate experienced another remarkable week, highlighting the markets tremendous potential to break new records in 2023. According to official data, the market recorded up to AED 11.5 billion from a total of 3,397 property transactions.
228 plots of land were sold for AED 2.59 billion, and 2,498 apartments and villas worth AED 5.54 billion. The top transactions recorded throughout the week were in the popular locale of Business Bay, with one plot sold for AED 168.28 million and another sold at AED 167.81 million.
Another location that saw impressive figures was Damac Lagoons with a high volume of transactions recorded during the week. Al Barari and Jebal Ali Village were also among the top neighbourhoods that saw a significant number of transactions this week.
The market is on an upward trajectory with prices and transactions soaring amid a strong economic recovery and the introduction of long-term residency visas, attracting a large number of foreign investors to explore the city’s vast potential. This led to an outstanding performance from the market in 2022 with over AED 265 billion in real estate sales. Judging by current patterns, 2023 is set to significantly break last year’s record and be another spectacular year for real estate in Dubai.
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