?? Dubai Real Estate Market Highlights - December 2023 ??

As we bid farewell to an extraordinary year in Dubai's real estate, December 2023 reflects a market on the rise! ?? Here are the key highlights:

? Record-Breaking Growth:

• Monthly uptick of 0.8% leads to a decade-high year-end growth of 16.4%.
• Highest-ever sales transaction volumes in December set an all-time annual record.

?? Prestigious Sale:

• Penthouse sells for AED 500m on Palm Jumeirah, breaking the apartment price record for the 3rd time in 2023.

?? Mortgage Milestone:

• New annual record with over 35,000 loans issued.

?? Stable Rental Yields:

• Gross rental yields remain steady at 6.8%, a slight 0.15% increase from last year.

?? Market Insights:

• Average property prices see a 16.4% year-end increase, marking the largest annual growth in over a decade.
• Sales transactions reach an all-time high of 11,016 in December, with residential transactions dominating at 91%.

??? Outlook for 2024:

• Anticipating a continued bull run, albeit at a more measured pace.
• Diversification in new project launches towards mid-market segments.

?? Market Analysis:

• Ongoing project launches and sustained demand contribute to a robust market.
• Signs of a potential slowdown in price appreciation for completed properties, especially in the villa and townhouse segments.

?? Looking Forward:

• With over 150 projects in the pipeline, the market remains dynamic, poised for growth.
• Single-digit price growth expected by the end of 2024.

?? Dubai Real Estate - A Year in Review:

• Unprecedented achievements in property prices, sales, and mortgages.
• Dubai's resilience shines through, paving the way for a promising 2024.

?? Join the Conversation!

• What are your thoughts on Dubai's real estate market in 2023? Share your insights! #DubaiRealEstate #MarketAnalysis #2023Review #RealEstateTrends #LinkedInPost ????