The Dubai Land Department has witnessed a remarkable surge in sales transactions in Quarter 1, totaling 30,898 and valued at over AED 88.7 billion. This marks the highest number of sales transactions and sales value in a single quarter since the Dubai Freehold Decree was introduced in 2002, allowing foreign ownership. The quarter-to-quarter sales transactions have seen a staggering 50.6% increase compared to Q1 2022, while the sales value has witnessed a whopping 60.7% increase. To breakdown the numbers, among those astonishing 30,898 sales transactions, 22,922 belonged to luxury apartments, which itself was 72% higher than Q1 2022. While the sale value of the transaction was AED 45 billion. High-end super-luxury villas were also in high demand, as there were 5,682 sales transactions of villas, which is 0.2% higher than Q1
2022. The sales value collected from villas was AED
22.1 billion.
There were 1,405 plots sales transactions, which saw an amazing surge of 77% from Q1 2022. The sales value was around AED 20 billion. Commercial sales transactions in Q1 2023 were 899, which was also a record and almost 20% more than Q1 2022.
Commercial sales transactions yielded a record AED 1.6 billion in Q1 2023. It is also significant to see that the prices of off-plan apartments and villas increased by 10-24 percent from Q1 2022, & property prices per square ft. were also increased by almost
18-20%, yet it didn’t affect the demand or success of the Dubai real estate market.
Dubai’s real estate market, just like in previous years, has outperformed many huge markets worldwide, as it continues to blossom and win the trust of investors and expats from around the world. The graphs are expected to surge further in Q2 2023, as many exciting and incredible projects are soon to be launched in Dubai Real Estate Market
