New records are being set for Summer 2023, as Dubai Real Estate Market sets out to gulp a major chunk of global investments.
Dubai Real Estate Market has outperformed previous years and set new records by reaching sales worth a total value of Dhs 216 Billion in the first seven months. There are multiple new properties for sale in Dubai which are nearing their launch, therefore more revenues are expected to pour in this year.
Unprecedented growth in Dubai Property Market has been administered amounting to 71, 537 sales transactions according to the records maintained by Dubai Land Department. The sales worth Dhs 216 billion total value is the highest performance indicator since previous years.
Consequently, the future forecasts reveal outstanding annual growth and an increase in performance rate by 60% since January 2023. The amount of sales value was Dhs 135 previously which has grown to an amount of Dhs 216 billion showing a drastic change and comparison from last year’s same time.
Moreover, the rate at which new deals are signed and sales contracts are agreed upon has increased drastically showing a 43 percent growth rate with over 50,000 sales.
Dubai Real Estate Market is a Hub for Luxury Property
Gradually Dubai Property Market is being recognized globally as one of the world’s busiest luxury property markets. Additionally, it has luxury properties worth more than USD 10 million, which has surpassed the luxury hotspots in Hong Kong and New York. Furthermore, according to Gulf Business, the sales in the first half of the year were enough to bring in USD 10 million with the sale of 176 homes worth the money.
Record Breaking Sales for Summer 2023
Dubai Property Market has seen record-breaking sales, as Penny Realty Real Estate brings you the latest news about properties for sale in Dubai. As Dubai reaches new historic milestones for the summer of 2023, greater futuristic developments are coming alive with multiple new luxury properties for sale in Dubai. There has been a robust moment developed in the real estate sector in Dubai since the start of year 2023 and it’s expected to continue further with the same gusto.
Real Estate Market in Dubai has impressively performed and exceptionally recorded an inspiring 10,527 sales transactions worth Dhs 37 billion during the month of July. Previously the record sales worth Dhs 34 billion which was exceeded this year.
The overall comparison of sales performance for the month of July 2023 with that of July 2022, it was revealed that there has been an astounding increase in the total value sales by 76 percent approximately Dhs 21 billion. Moreover, there was a significant increase in the transactions amounting to 7,145 which is a total of 47 percent.
Top 5 Properties for Sale in Dubai in July 2023
- Business Bay
- Dubai Marina
- Jumeirah Village Circle
- Jumeirah Lake Towers
- Mohammed Bin Rashid City (MBR City)
A new study revealed that 2023 is the most successful year in terms of luxury property sales and purchases along with branded property development, especially the apartments near Burj Khalifa, Business Bay, apartments for sale in Downtown Dubai are surprisingly expensive and still very popular amongst tourists, residents, and stakeholders.
These properties include Como Residences, Palm Beach Towers, Dubai Islands, and Golf Greens, which are the most popular properties for sale in Dubai along with the most top-rated apartments for sale in Dubai. There are other many options like villas for sale in Dubai and apartments near Burj Khalifa which are regarded as the top properties for sale in Dubai.
Record Breaking Profits in Abu Dhabi by Aldar Properties
Aldar Properties is an Abu Dhabi-based real estate company that recorded net profits of 52% in the second quarter of 2023 to an amount of $350 million. The company also recorded the highest development sales whereby an increase in revenues to an amount of $870 million along with the recurring income portfolio delivering an increase of 21%.
The net profits recorded by Aldar Properties amounted to Aed 1.3 billion as already mentioned above reporting an increase in the second quarter of 2023 as compared to the first quarter.
On the contrary, Deyaar Properties recorded a growth of 77 percent in H1 2023 where the profits amounted to AED 118.5 million. Deyaar Properties a famous Dubai developer that provides real estate services has seen spectacular results in the Dubai Real Estate market in the year 2023. Consequently, revealing that there is a major shift in preferences and global trends towards luxury and branded property which is why consumers are willing to purchase a property or invest in Dubai property despite the skyrocketing prices.
Dubai Real Estate is Expanding
Aldar Properties has made an expansion decision which is why it has floated some of its span of control to Chinese investors.
The news was revealed on Wednesday, 8th August’2023 when the two parties revealed their mutual ties and the agreement leading to expansion.
Apart from this expansion, Danube has launched a twin tower housing project worth AED 800 million which is $217.8 million located in Dubai’s most posh area named Jumeirah Village Circle.
The twin tower property is Elitz 3 where one tower has 40 stories and the other has 46 stories, providing 750 residential units for residents and investors. This is said to be the latest project among other Danube projects where it stands as the 9th project in the past 18 months.
Penny Realty Real Estate brings you the best information and latest updates regarding the property market in Dubai and the real estate companies in Dubai. For more information about off-plan properties for sale in Dubai, apartments for sale in Dubai and villas for sale in Dubai are all available on our website. Moreover, our efficient real estate agents are available to extend their professional services to clients.