DUBAI REAL ESTATE: A RECORD SIX MONTH

According to an analysis by W Capital, the Dubai real estate sector saw a record AED179.34bn from 61,000 sales in the first half of 2023.

The highest-ever semi-annual numbers show a persistent strength of demand within the Dubai real estate market, said the real estate brokerage firm.

The real estate sector continues to break records in terms of sales and transactions. The first half of this year recorded the best semi-annual performance in history, benefiting from the supportive factors within the market and the continued economic momentum.

The growth rate in terms of sales value amounted to 57% on an annual basis during the first six months of 2023, compared to AED114.5bn in the previous year.

The number of deals increased by about 42%, compared to 42,971 deals last year, June 2023 saw the highest-ever value of transactions for the month, surpassing a total from 2009.

During June 2023, the real estate market in Dubai maintains a continuous state of momentum started in 2021, with 10,405 real estate sales deals with a total value of AED30.3bn, which is the highest number ever for the month of June, exceeding the historical number recorded in 2009 with a value of AED22.92bn.