Exceptional Growth and Resilience: An In-depth Look at Dubai’s Booming Real Estate in 2023

Based on research we did using data from the Dubai Land Department, the real estate market sales in Dubai recorded a new jump during the first nine months of the current year by 51% to AED 277 billion, compared to AED 183.5 billion in the same period of the previous year.

The volume of transactions during the period recorded 92,330 deals, an increase of 35% compared to the same period in 2022, which recorded 68,382 deals.

Real estate sales in Dubai rose by 7% year-on-year in September 2023, reaching AED 26 billion. The Dubai real estate market recorded its highest-ever quarterly sales in the third quarter of the current year, amounting to AED 97 billion, distributed over more than 31,000 transactions.

We at K Estate Dubai believe that these extraordinary sales reflect the momentum of growth in the real estate sector in Dubai, and we anticipate that sales will surpass the AED 500 billion by the end of the current year.

Sales of homes valued at $10 million or more in Dubai reached $1.6 billion in the third quarter, up from $1.13 billion in the same period last year.

The total value of sales reached approximately $5 billion between January and September this year.

The real estate sector is enjoying a strong boom, supported by significant protective measures to prevent a repeat of what the market suffered during the global financial crisis in 2008. This is in addition to fundamental updates to the residency system in Dubai.

The total number of homes valued at over $10 million reached a record level of 277 in the nine months up to September, making Dubai surpass New York, Hong Kong, and London.

Finally, the average daily value of real estate sales recently rose up to AED 1.5 billion per day, compared to AED 1 billion at the beginning of the current year. This is a strong indicator of the continued momentum and exceptional performance that began in late 2021.