Dubai sees major surge in real estate transactions

Real estate transactions in Dubai achieved significant growth in the first nine months of 2023, recording a 36.7 per cent increase in value and 33.8 per cent in volume compared to the same period in 2022.

Dubai Land Department (DLD) data revealed that 116,116 real estate transactions worth AED 429.67 billion were recorded between January and September.

The DLD said these achievements can be attributed to the city’s rising global profile, exceptional infrastructure and the commitment of Dubai’s leadership to fostering development across sectors.

Real estate investments also witnessed steady growth during the first three quarters of 2023, with 81,669 investors registering 109,186 investments worth AED 278.7 billion, a growth of 50.3 per cent in value, 33.3 per cent in the number of investments, and 37.4 per cent in the number of investors.

#Dubai strengthens its global real estate leadership with 116,116 new real estate transactions worth AED429.67 billion in 9 months.https://t.co/L8A3AVCHxy pic.twitter.com/BfmB2e5vyD

— Dubai Media Office (@DXBMediaOffice) October 31, 2023

Leading areas for transactions and mortgages

In the first nine months of 2023, Al Barsha South Fourth topped the list of top 10 areas with 10,351 transactions, followed by Dubai Marina (9,071), Business Bay (7,414), Wadi Al Safa 5 (5,602), Al Mirkadh (5,538), Al Thanyah 5 (5,437), Burj Khalifa (5,220), Al Khiran First (4,567), Hadaeq Mohammed bin Rashid (4,195), and Jebel Ali First (3,737).

The top 10 areas in terms of transactional value include Dubai Marina (over AED36.7 billion), followed by Palm Jumeirah (AED28.51 billion), Jebel Ali Industrial First (AED27.93 billion), and Wadi Al Safa 3 (AED25.33 billion), Business Bay (AED20.08 billion), Burj Khalifa (AED17.86 billion), El Merkadh (AED14.53 billion), Al Khairan First (AED13.81 billion), Hadaeq Mohammed bin Rashid (AED13.6 billion), and Jebel Ali First (AED12.91 billion).

Dubai Marina ranked first among the top 10 areas in terms of mortgages with 1,186, followed by Al Thanyah Fifth (879), Al Barsha South Fourth (879), Burj Khalifa (874), Jebel Ali First (789), Al Awir First (743), Hadaeq Mohammed bin Rashid (665), Business Bay (652), Wadi Al Safa 5 (629), and Palm Jumeirah (526).

Jebel Ali First area topped the list in terms of the value of mortgages (AED27.78 billion), followed by Wadi Al Safa 3 (AED14.97 billion), Jebel Ali First (AED6.96 billion), Palm Jumeirah (AED6.19 billion), and Dubai Marina (AED5.02 billion).), Business Bay (AED4.11 billion), El Merkadh (AED3.45 billion), Al Khairan (AED3.04 billion), Al Barsha South Fourth (AED2.41 billion) and Burj Khalifa (AED2.24 billion).