The health of Dubai Property Market sector is breaking records every year, and this year’s Dubai Real Estate Market has seen incredible growth.
Dubai Real Estate market sales chart shows a huge $60 billion worth of sales, because of the increasing completed and off-plan property transactions during the first half of the year 2023.
On Monday, Dubai property market recorded $762 million worth of deals, with mortgage transactions amounting to AED 692.02 against 131 transactions on 14th August 2023. The boom in the real estate market reflected a consistent growth of AED 2.8 Billion, with numerous new properties being launched and in the process of development.
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Some of the most important areas in terms of residence, popularity, amenities, and views are Palm Jumeirah, Jumeirah Beach Residence, Downtown, Business Bay, and Dubai Marina. Penny Realty brings a wide variety of complete and off-plan properties for sale in Dubai as well as rental properties in Dubai.
According to the news, $2.6 billion worth of transactions were accounted for on World Island sales and top deals in Palm Deira.
As per the overall analysis, it was seen that more than 226 plots were sold in Dubai Real estate worth an amount of AED 5.76 billion whereas 2019 villas and apartments were sold in Dubai worth AED 4.42 billion during the first half of the year 2023.
Top 3 Transactions in Dubai Real Estate
According to Penny Realty Real Estate, there are top 3 transactions in the Dubai property market include a plot worth AED 3.87 billion in Mugatrah, another plot worth AED 630.8 million in Al Layan 1, and lastly a plot worth AED 91 million in Al Barsha South Fourth stands in third place. On the other hand, Al Hebiah Fifth also recorded weekly transactions worth AED 198.41 million of 74 sales, followed by 34 sales transactions amounting to AED 44.36 million. On the contrary, sales worth AED 251 million were recorded for 27 transactions in Al Hebiah Fourth.
Meanwhile, the top 3 transfers of villas and apartments were done in the Palm Jumeirah area worth AED 76 million, AED 58 million, and AED 50 million. Moreover, the sum total of all the mortgaged properties for this week was accumulated at AED 1.31 billion where the highest being AED 91 million in Al Thanayah Fourth.
Changing Dubai Property Prices and Global Property Trends
The Dubai property prices for villas in Palm Jumeirah have gone up by 146 percent since the year 2020, which is seen to further grow as more and more investments are being made in the Dubai Property Market. Seeing the current global and Dubai property price trends there is no sign that the prices will start going down.
Meanwhile, the surge in prices for apartments for sale in Dubai, apartments for rent in Dubai, villas for sale in Dubai, and villas for rent in Dubai is increasing 10 times each quarter. As more and more properties are being purchased in Dubai, the prices keep soaring with prices for houses in Dubai rising by 4.8 percent during the second quarter of 2023.
As per the global trends in Real Estate Business, Saudi Arabia tries to take the lead by hosting the World’s largest real estate show.
“Cityscape Global” will serve as a great initiative to promote the Saudi real estate sector to thousands of investors who will become potential buyers of property in the GCC region.
Meanwhile, there is cutthroat competition in the industry owing to the ever-emerging projects and developments in the Gulf Region, specifically to attract the flock of Chinese Investors willing to spend their money generously for new developing projects.
The event will kick off in the month of September between the 10th and 13th, in Riyadh under the sponsorship of Rural Affairs and Housing, Ministry of Municipal which is organized by Tahaluf. The theme for this event will be “The Future of Living” which will be based on forecasted trends in the Real Estate Market.
Indian Investments Surge in Dubai Real Estate
Real estate in Dubai offers a variety of properties for sale which attract individuals from all around the world. Therefore, amongst the different foreign investments driven from various countries, India is one of the leading investors in Dubai Property after China. Indian investments keep increasing as more and more investors from India release funding and investments. Therefore, Indians are counted among the top three nationalities buying property in Dubai since the year 2004. Indian investors accounted for property purchases worth AED 83.62 billion in the years between the year 2015 and 2021. The numbers keep rising as more properties are being bought.
Apart from the residential properties for sale in Dubai, there is a significant number and value of commercial real estate projects in Dubai. These include official spaces, hospitality, and retail centers offering business friendly policies which attract international companies to extend investments. All these activities and policy trends affect the rentals of commercial properties.
Real Estate in Dubai is a major contributor to the economy of the UAE, along with the tourism and travel industries. These three work in sync where each does its part effectively and efficiently. Furthermore, the former has developed a lot post-covid, with brilliantly designed new schemes, and luxury housing projects were coming into the Dubai property market.