Real Estate Sales in Dubai have crossed AED 92 billion, breaking previous sales transaction records. Great Evolution in Dubai Real Estate has resulted in a booming influx of investments, and flocking foreign residents.
A rise in real estate sales has been seen since the beginning of the year and has been increasing ever since. The third quarter of the year 2023 has marked a new standpoint in real estate that is trending no.1 in the global real estate market. Penny Realty Real Estate is a trusted property expert in managing to provide the best off-plan properties in Dubai.
The majority of properties that were sold were in the price range of AED 2 to 3 million according to Arabian Business. A busy summer period with upsurging sales crosses AED 92.6 billion according to the reports of Dubai Real Estate. Scorching temperature peaking at 50°C, often sees slower events, investors, and tourism. However, the year 2023 has exceptionally been more active with an average of six percent increase in sales transactions as compared to the Q2 of previous years.
Dubai Real Estate Market continues to excel and attract more investors from all around the world, with premium lifestyle destinations being sought by end-users. Meanwhile, the summer sales picked up tremendously in the third quarter of the year 2023, retaining investor and tenant interest. Furthermore, client registrations of real estate in Dubai were reported to upsurge by 72 percent in the months of July and September as compared to those in the last year.
The sale volume rose by lumpsum 13 percent from the previous year, showing an increase of consumer confidence in the Dubai real estate market, while the quarterly sales volume increased by 2.8 percent leading to 29341 sales transactions.
Types of Properties in Dubai
Different types of properties in Dubai offer different amenities and facilities.
Off-plan sales increased up to 47 percent of the total sales volume. On the contrary, apartments for sale in Dubai recorded an increased sale of 69 percent, and a 43 percent increase in the sale by value was administered. Meanwhile, villas and townhouses accounted for 24 percent of the remaining portion of sales volume, and in terms of sales value, 41 percent was seen.
The properties for sale ranged for a price of AED 2 to 3 million, which included the sales of Six Senses exceeding AED 200 million while that of Marsa Al Arab exceeded AED 400 million.
Dubai Investor Demand is fuelled by many New Projects – Palm Jebel Ali
Dubai Investor Demand is upsurging with the rising prices of Real Estate in Dubai
Dubai’s Iconic Palm Islands have a new addition – Palm Jebel Ali where property handovers began last week. The frenzy of buyers and realtors was enormous, waiting to capitalize on their luck in this most lucrative investment in the Dubai property market in the most incredible homes for sale. The super successful launch of Palm Jebel Ali has opened a new era of luxury real estate in Dubai, creating great opportunities for future iconic investments.
The payment plans for newer developments secure long-term developments, making them ideal and flexible for future launches. In addition to the development of Palm Jebel Ali, there are 379 new properties developed in the DIFC and Downtown Dubai area, aiming to attract high-net-buyers with significant interest rates.
Dubai Rental Market Growth Trends
Dubai Rental Market is rising Higher and Higher, as more and more properties are being launched in the market.
The rental sector showed strength as more and more properties were rented by clients in the third quarter of the year 2023 as compared to the previous year. More and more expats are flocking into the Emirates, which is why the demand for rentals and properties for sale is increasing. Meanwhile, a new Data Hub is launched to provide transparency on the latest and historical property prices for the users.
Additionally, the new partnership with Property Monitor helps in providing live listings of properties for sale as well as properties for rent with insights exclusively on similar properties available in the area. The detailed community list will be made available on the website regarding the availability of properties to be sold in the community as well as properties for rent, along with the previously rented properties for the past 180 days.
How does DATA HUB work in the Dubai Real Estate Industry?
DATA HUB is for the latest new means of finding the best Dubai properties for sale
The Data Hub enables people to remain aware of the market situation, and available properties for rent/ sale. It also enables consumers to understand the sprouting dynamics of this constantly evolving industry. There are some very popular communities offering an elite lifestyle to their consumers, therefore the prices are in accordance with the locality, amenities, and facilities. Therefore, using this application, you can set your budget and find the most appropriate residential units for yourself.
Penny Realty Real Estate offers a huge collection of off-plan properties for sale in Dubai, by accessing our official Website, Facebook, TikTok, Pinterest, LinkedIn, Twitter, Youtube, and Instagram platforms. We bring you the Dubai Real Estate News for readers to benefit from the information and consider investing in property. Please visit our office at Tamani Arts Building in Business Bay, for your queries.