Dubai's real estate market continues to grow. In February, the volume of purchase and sale transactions increased by 43% compared to the same period a year earlier due to high demand from foreign investors.
The latest data released by Property Finder shows that the number of real estate transactions rose to 9,020 last month, compared with 6,310 transactions in February 2022. At the same time, sales revenue in February 2023 amounted to more than AED 26.7 billion — an increase of 65% compared to the same indicator in 2022.
The volume of transactions with finished real estate increased by about 20% year-on-year, more than 4,500 transactions were registered in total. The volume of off-plan real estate sales increased by 77.8% over the year. Their total number exceeded 4,500 transactions in February 2023.
In value terms, the volume of transactions with existing real estate increased by about 32%, reaching more than AED 15.6 billion compared to AED 11.8 billion in February 2022. This is the highest figure for the second month of the year in the last 10 years.
Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah and Jumeirah Village Circle remained the most sought-after areas among apartment buyers in February 2023. The areas of Dubai Hills Estate, Palm Jumeirah, Arabian Ranches and Mohammed Bin Rashid City turned out to be the most desirable areas for those who were looking for the opportunity to buy or rent a villa or townhouses.