Sales volumes in Dubai‘s property sector have continued to increase in the first half of 2023 according to leading real estate agent haus & haus.
According to figures from property data monitor Property Monitor, transaction volumes grew over 30 percent year-on-year.
Internally, haus & haus saw buyer registrations increase 71 percent over the same period.
Dubai property market sees sustained growth in 2023
“It’s exciting to see volumes in the Dubai market continuing to grow in line with the projected population expansion. It’s also good to see that the market in the first half of this year has been maturing, with sales values increasing at a steadier rate – projecting around seven percent average price growth for 2024. This is a further sign that we’re experiencing stable, steady growth for the foreseeable future,” Simon Baker, Managing Director, haus & haus Real Estate said.
May witnessed the highest sales transactions on record, with volumes up 47.7 percent month-on-month and 45.9 percent year-on-year, haus & haus said citing the Property Monitor report.
This peak aligned with haus & haus’ own figures, as it was also their best performing month.
However, some deals were possibly carried over from April due to flooding in Dubai pushing completion dates into May.
Villa sales surge in Dubai real estate market amid rising family demand
Demand for villas also rose in the first six months. Property Monitor figures indicate growing transaction volumes in the villa segment. This reflects Dubai’s expanding population looking for family homes.
Developers are accordingly launching more villa and master community projects. Some 3,323 villas were unveiled in the first half, with most scheduled for completion in 2028.
Emaar is expanding key districts like The Oasis and Grand Polo Club & Resort to accommodate more residents, which are popular with investors.
The Dubai property sector therefore remains upbeat as strong buyer activity persists into the end of 2023 on the back of sound market fundamentals.
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