The Real Estate Market Of Dubai Registered A Record Of 11,597 Transactions Last Month  

The real estate market of Dubai shows a massive increase in sales, says the sales report of the past month. Data published by Unique Properties; a real estate firm shows that there has been a record growth in the real estate transactions during the first quarter of 2023. It also reveals that during the month of March 2023 alone, there have been 11,597 unit registrations. 

During the first three months of 2023, the Dubai real estate market saw 29,323 real estate transactions

A recent report from another leading real estate firm, CBRE also reveals that the real estate market of Dubai has seen a high record of transactions in the first quarter of the year and during the last month also.

This growth shows a 47.3 percent increase in the transaction rates when compared to that of 2022, which includes a 96.1 percent growth in the off-plan transactions and a 12.4 percent increase in the secondary market transactions. 

The founder and the Chief Executive Officer of Unique Properties, Arash Jalili said that the first quarter of this year has witnessed a huge increase in the sales of off-plan properties which remains a major reason for the record growth. He added that with this growth in mind, we should anticipate that the total number of units generated will be maintained or even exceed in the coming months. 

As a result of the record growth the cost of living has also increased. This has caused a 12.8 percent increase in the average residential price of Dubai till March 2023. Furthermore, average apartment and villa prices increased by 12.4 percent and 14.8 percent, respectively, during the same time period.

This also accounts for the huge sales being registered in the more expensive areas and the purchase of ultra-luxury properties. Dubai has been regarded as a more appealing spot for High-Net-Worth Individuals (HNWIs) to invest in. There has been a great increase in the number of such investors coming to Dubai in the past few years. 

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All this points to the fact that the surging demand for real estate properties has led to an increase in the cost of living. This is evident from the growth rate of the luxurious areas of Dubai like Jumeirah and Palm Jumeirah. In the apartment segment, Jumeirah has set a record with its highest sales rate per square foot at AED 2,441 whereas Palm Jumeirah set a record in a peak sales rate per square foot in the villa sector of the market with a value of AED 4,457.

This serves as another reason for the recognition of the city as one of the best places to live for expatriates. In addition, the city offers many other advantages like a strong economy, tax benefits, quality education, outstanding healthcare, and a high standard of living. 

Unique Properties is one of the leading real estate agencies in Dubai that offer a wide range of services in the real estate market. It was established in the year 2008, by Arash Jalili and a team of two other partners. Over the years it has provided service to numerous customers including sellers, buyers, tenants, and landlords. The company has been serving its customers with integrity and transparency and bagged many accolades to its credit.