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In May 2023, 11,700 real estate transactions were made in Dubai, which is 77.6% more than the same indicator in May 2022 (6,587 transactions). The total amount of transactions amounted to AED 34 billion ($9.3 billion), which is 87% more than in May 2022. Then the total amount of transactions was AED 18.3 billion ($4.98 billion).
According to analysts, about 5,700 May transactions are related to off-plan real estate which is 109.8% more than in May 2022, when 2,716 transactions were made. The total amount of transactions with off-plan real estate amounted to AED 14.5 billion ($3.9 billion). For comparison, in May 2022, the total amount was AED 6.15 billion ($1.67 billion).
The most popular areas for apartment buyers turned out to be several freehold zones that allow foreigners to fully buy real estate:
● Dubai Marina;
● Downtown Dubai;
● Business Bay;
● Palm Jumeirah;
● Jumeirah Village Circle.
Among buyers of villas and townhouses, the most popular areas were as follows:
● Dubai Hills Estate;
● Palm Jumeirah;
● Arabian Ranches;
● Damac Hills.
Real estate is one of the important sectors of Dubai's economy, contributing to the GDP growth of the United Arab Emirates. Analysts note that the sector was able to recover quickly after the pandemic shock. According to the International Monetary Fund, in 2022, the UAE economy showed growth of 7.4%. IMF experts predict that by the end of 2023, growth will be 3.5%, in 2024 – 3.9%.
