On Tuesday, 16 May 2023, Dubai real estate transactions worth AED 2 billion were recorded. In a single day, AED 1.38 billion worth of sales took place — AED 900.46 million for existing properties and AED 479.53 million for off-plan properties. There were also notable mortgage transactions worth AED 549.11 million and gifting transactions totaling AED 59.90 million.

The property market in Dubai is currently at an all-time high with buyer interest from several regions across the globe. Investors are finding it a worthy destination to place their money owing to high capital appreciation and strong rental yields, while end-users prefer moving to the city because of the lifestyle, safety, and luxury it offers.

Market Snapshot: What a Day’s Transactions Looked Like in Dubai Real Estate in 2023

High Demand for Properties in Luxury Neighborhoods

Some areas and communities portrayed a strong demand. Seapoint at Emaar Beachfront recorded transactions worth AED 127.67 million. A couple of other projects in the beachfront community saw secondary market transactions amounting to AED 17 million. Emaar Beachfront has since its launch generated a lot of interest, with a private beach and private island living experience. People move in here for the views, luxury, and a one-of-a-kind lifestyle.

Business Bay also saw exceptional deals, owing to the strategic location and easy accessibility as residential transactions worth AED 97 million were noted. Commercial properties in Business Bay Dubai costing AED 11.24 million were also sold on the very same day. The area has a metro station that helps one access all landmarks easily, being the closest to the city’s heart.

Emaar’s stunning and breakthrough neighborhoods have not witnessed a single day with low demand. Downtown Dubai saw primary & secondary market transactions totaling over AED 72.70 million while Dubai Marina had residential & commercial transactions amounting to AED 24.16 million. Dubai Hills Estate, the ‘Green Heart of Dubai,’ had transactions summing up to AED 49.90 million.

Tilal Al Ghaf, an off-plan luxury community by Majid Al Futtaim, had transactions worth AED 21.12 million – notably in Harmony and Alaya.

Family-friendly Atmosphere Brought These Neighborhoods to the Limelight

Jumeirah Lakes Towers, known to be another vibrant neighborhood in Dubai, saw residential property transactions crossing AED 35.16 million. JLT in general is known for the ease it offers everything one would want or need is right around the corner. The area is connected to 2 metro stations, is accessible via Sheikh Zayed Road, and is right opposite Dubai Marina.

One of the top 4 areas in the city with the highest number of transactions in Q1 2023, Dubai Creek Harbour had sales summing up to AED 26.40 million. Out of these, Address Harbour Point had two primary transactions worth AED 8.27 million. The community continues to stay in demand as it’s minutes away from all landmarks of the city. It has a fully-integrated transport system with water taxis to Downtown Dubai, 3 bridges connecting to the mainland, 4 planned metro stations, and an efficient road & bus network.

Sobha Hartland, a community featuring both villas and apartments, saw sales transactions worth AED 23.13 million. Multiple apartments were sold in the community both via developers and in secondary transactions. The community is very close to the city center, is connected to Ras Al Khor Road, and has a projected metro station on the way, hence generating a lot of interest amongst families.

Affordable Areas with Strong Returns Saw a Spike

Jumeirah Village Circle has maintained its position in one of the Top 5 areas in the past two quarters. Yesterday was no exception as the affordable area in Dubai showed promising numbers. Residential transactions valuing AED 41.19 million took place yesterday and commercial transactions worth AED 4.39 million were observed.

On the other hand, Arjan, an upcoming neighborhood with a great number of projects flowing in, portrayed performing figures yesterday. AED 25.2 million worth of residential property transactions were noted. Out of these, AED 23.9 million worth of inventory was bought directly from the developer.

Dubai Real Estate Transactions Increase Regardless of the Summer Season in 2023

Usually, the residents of Dubai are prepared to expect a slowdown in the market due to the sunny weather. Businesses start seeing the season’s effect, however, this time summers look different. The Dubai Real Estate Market shows no signs of slowdown and transactions are flowing. Demand for properties across the city is rising owing to multiple reasons such as visa benefits via investment and a multi-cultural atmosphere. Whatever kind of lifestyle one expects to have, one can find it easily in Dubai.

As for investors, Dubai is day by day becoming an exceptional piece to include in their portfolio. The returns are unmatched in comparison to anywhere across the globe, going anywhere above 7%. Especially, when it comes to the prices, their ticket size is capable of getting them a bigger and better property in a premium location here, unlike other cities.

Would you also consider buying a property in Dubai?

Hamptons International is an award-winning firm functioning in all major freehold communities in Dubai, offering a wide property portfolio to choose your dream home from. From the best vicinity for your children to a corporate office that’s strategically located to offer the utmost convenience, we boast a huge selection.

To know more, dial 800 HAMPTONS (42678667)

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Data Source: Dubai Land Department