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Dubai’s first quarter sales in 2023 were the highest in history. The total amount of transactions was over AED 86 billion, and their number exceeded 30,500.
According to the latest data released by the Dubai Land Department, the value of sales in Dubai during the first three months of 2023 increased by 55% year-on-year compared to the same period in 2022. Last year, the total amount of transactions was AED 55.5 billion.
Content:
Dubai’s growing investment appeal
In March 2023 alone, property sales exceeded AED 31.5 billion. This was the highest sales figure for the month in the real estate market. Dubai's performance for the first quarter of 2023 reflects its investment appeal in the real estate sector. The previous highest monthly value was AED 30.8 billion in November 2022.
Walid Al Zarooni, a real estate expert, attributed the high performance of the real estate market in the first quarter of this year to the influx of foreign investors and high demand. Dubai’s investment appeal stems from the following factors:
- Affordable prices for a large segment of housing.
- A high return on investment.
- A stable economic situation in the Emirate and the UAE as a whole.
Al Zarooni also added that Dubai’s real estate industry is showing favourable and steady growth. This sector is flexible, attractive and can strengthen investor confidence in a globally unstable environment.
Dubai’s investment advantages: expert opinion
According to Walid Al Zarooni, in the last few years, Dubai has become one of the world’s best destinations among people of various nationalities. The Emirate has the following features in this direction:
- Dubai is a multicultural community.
- The city offers a comfortable environment for representatives of all religious denominations.
- Foreign nationals can purchase housing on property rights.
Buying real estate in Dubai is in great demand both among wealthy and middle-class people looking for the best conditions for living and working. According to the expert, buying a home in the Emirate has such advantages as:
- An opportunity for an investor to move his family to the Emirate.
- Developing a business and moving up the career ladder.
- Making a high profit from renting out housing.
Over the past 20 years, the Emirate has made significant cultural progress, which is also beneficial for permanent residence. Dubai has an attractive legislative system, advanced infrastructure, a developed network of roads and airports, for example, you can easily fly from the Emirate to any part of the world. While other major global markets are experiencing the economic impact of the COVID-19 pandemic, Dubai’s property market offers competitive prices and is in growing demand.
