The real estate market in Dubai is booming despite rising prices

The real estate market in Dubai is booming despite rising prices

Dubai real estate continues to post high sales transactions despite increases in the cost of villas and apartments around the city.

According to Unique Properties, the cost of flats in Dubai has climbed by 21% since the beginning of the year, while the cost of villas has increased by 51%.

The Dubai Land Department (DLD) announced more than 3,200 transactions worth AED24.7 billion last week.

According to recent Savills data, there were 60,000 transfers of residential units in the first half of 2023, a 44 percent rise over the same period last year.

Dubai is maintaining its momentum to reach the predicted gain of 15% in 2019. Other big markets are faltering.

The price increases that have affected rentals have led to many households downsizing, some by more than 50%.

Arash Jalili, Founder and Chief Executive Officer of Unique Properties said, “Dubai is continually proving itself as a secure investment with several forward-thinking initiatives being introduced regularly and a provision of unparalleled stability in turbulent times. This is the primary catalyst behind the real estate market’s post-COVID resurgence and all signs indicate that there is no slowdown in sight. Despite rising prices, demand for buying and renting remains high and this will continue to be the case for the foreseeable future. While other major markets are beginning to dwindle, Dubai, and the UAE as a whole, are positioning themselves as the place to be for years to come.

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