February 2023 proved to be a record-breaking month for Dubai real estate, with 8,515 transactions in total, making it the highest February in the history of Dubai real estate.
According to DLD the off-plan market is driving Dubai real estate, with sales increasing by over 78 percent. The secondary market, on the other hand, increased by 18.8 percent.
According to the Insights data, a total of 17,741 transactions have been reported in 2023. In terms of price, the market increased by 10.5 percent in January and 11.5 percent in February, respectively.
According to Zoom Property Insights, the average price per square foot for apartments has hit Dh1,211, while it is recorded at Dh1,432 for villas
Hasan Almusawi, Senior Real Estate Analyst & CEO of Granbia Real Estate, spoke to an international Business Television “Dubai real estate market is the most credible market in the world. Of course, this achievement is no coincidence. Dubai’s vision made it a bright investment spot for many reasons: safety, security, stability, and high-demand real estate. In addition, anyone can own a house or any property and have an investment residence Visa, regardless of nationality.
Even with global issues such as inflation, the Dubai property market continues to grow, drawing overseas investors and HNWIs. According to current patterns, both prices and demand are likely to rise as the year continues,” he said.
Top Performing Areas
According to the Zoom Property Insights for February 2023, the top areas to buy property in Dubai are Jumeirah Village Circle (with nearly 1,000 transactions worth Dh774 million), Business Bay (with 770 transactions worth Dh1.327 billion), and Dubai Marina (with 767 transactions worth Dh2.727 billion).
According to the Insights data, JVC, Dubai Marina, Business Bay, and Dubai Creek Harbour are the top choices for apartment buyers
The most significant number of villa sales were recorded in Damac Lagoons, Arabian Ranches 3, and Al Yelayiss 2. In February 2023, Nad Al Sheba First and The Valley were also popular among property buyers
Jumeirah, Palm Jumeirah, and Downtown Dubai saw the most increase in apartment prices per square foot, with Dh2,388, Dh2,311, and Dh2,278, respectively
For villas, Palm Jumeirah (Dh4,309), Emirates Hills (Dh2,428), and Jumeirah (Dh2,325) recorded the highest jump in terms of price per square foot
“With multiple new developments recently launched, the Dubai property market continues to attract HNWIs and overseas investors, posing stiff competition for other advanced metropolises. I am optimistic that this increasing trend will continue throughout the year, resulting in another record-breaking year for Dubai real estate”
For Downloading Dubai’s Real Estate project brochure, Payment Plan, or images Visit. Granbia’s Agents Portal Where you can Find all current and upcoming projects in Dubai. Mr. Hasan Al Musawi is the Chairman of Granbia Real Estate and, the Managing Director of Granbia Real Estate is Mr. Mohamad Al Qrqoor Which Comes under the Al Taif Group.