Dubai Property Market Sales Grow, Earnings Jumps 46 Percent In First Half Of 2023
In the near-first half of 2023, the commercial property sector in Dubai reported a strong upsurge rate. The sector increased by nearly 30 percent in value terms to reach AED2.86 billion.
The Dubai property sector has beaten everyone hands down who talked of a possible slowdown in the near-first year period of 2023. The residential real estate market in Dubai has shown tremendous growth ranking up near AED93.18 billion ($28 billion) in sales revenue from January to June 7. This is a tremendous 46.71 percent growth from AED63.51 billion ($17.29 billion) during the entire period of half year of the year 2022.
If we go by the volume terms, the full half-year period of the last year saw total sales of 34,627 units in comparison to total sales of 46,835 units in the first half of this year 2023 till June first week. This is a whopping spike of 35.25 percent, the data was shown and compiled by a Dubai-based prop-tech platform.
The commercial property sector in Dubai also registered a strong growth rate in the near-first half of 2023. With a nearly 30 percent hike in value terms to touch AED2.86 billion from AED2.21 billion during the end period January-June of the last year 2022.
If we go by the volume terms, Dubai commercial real estate sector posted sales of 1,681 units during the period of January-June 7, 2023 in comparison to 1,495 units during the half-year period of last year.
Experts believe that the continued real estate market growth is a clear sign that Dubai persists as a desirable market for potential real estate investors from all around the world. The generous visa policies, stable economy, and high quality of life in the UAE are just some of many key factors that progressively allure both global and residential investors.
The ever-evolving infrastructure of Dubai additionally contributes to growing rental yields and ROI (return on investment). Experts also believe this adds to the attractiveness of real estate investments in the emirate.
Dubai Property Market Booms In May
In the residential property market sector in Dubai, the highest growth rate was seen in May with a growth rate crossing 102 percent over the same year-ago period at AED22.74 billion, followed by January at 98 percent (AED17.22 billion).
April posted the slowest growth rate at 29.97 percent with AED13.38 billion. The comparatively slower upsurge in sales in April was due to a higher base effect in April 2022, while they increased in the first two months of this year due to lower sales figures in April 2022.
Commercial Real Estate Sector Also Put Up a Strong Show
In commercial realty also, the highest growth rate was reported in May this year, which stood at 118 percent to hit AED644.61 million from the sales of 412 units in comparison to 192 units in May 2022. Whereas February reported the slowest upsurge rate at only 1.64 percent to hit AED358.48 million from the sale of 261 units.
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