According to the most recent statistics from Property Finder, there were 9,020 property transactions last month in comparison to 6,310 in February 2022, resulting in sales income of more than AED 26.7 bn in Feb of this year, an increase of 65%. 9,800 sales transactions were made in the emirate in January 2023.
More than 4,500 deals were registered in the existing (secondary/ready) transactions, representing a volume increase of around 20% from the previous year. Over 4,500 transactions involving off-plan houses were made last month, a 77.8% increase in volume.
The value of sales involving existing properties increased by around 32%, from Dh11.8 billion in February 2022 to over Dh15.6 billion, the largest value and volume for the Feb in ten years.
Apartment searches in February 2023 continued to be dominated by Palm Jumeirah, Dubai Marina, Downtown Dubai, Jumeirah Village Circle, and Business Bay, while villa and townhouse searches were dominated by Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, and Mohammed Bin Rashid City.
Despite obstacles created by inflation and a supply glut, the CEO of Zoom Property, Ata Shobeiry, predicted that the Dubai real estate market will have another successful year.
It will most profit from the Middle East's robust economic conditions and the fact that high-net-worth individuals (HNWIs) and international investors still like it for real estate investment, the expert said.
Optimistic outlook
Another encouraging factor is that CBRE predicts a healthy picture for the Middle Eastern real estate markets in 2023, as high oil prices and persistent economic growth are anticipated to sustain robust occupier and investor activity.
According to the real estate consultancy's 2023 Mideast Property Market Outlook, the economies of the GCC will continue to see comparatively rapid growth rates.
"Over the last year, both the non-hydrocarbon and hydrocarbon sectors have experienced rapid rates of recovery, with the GCC region's economic development notably exceeding the world average in 2022.
As we head into 2023, their GDP growth is projected to reach 2.7%, according to the research. "During this time, economic growth in GCC nations had a midpoint rate of growth of 6.3 percent.
The GCC economies and real estate markets, as a whole, are anticipated to continue to see performance levels stay reasonably robust over the coming year, despite the worsening global economic backdrop, according to Taimur Khan, Research Head- for MENA CBRE in Dubai.
We anticipate rental prices to increase in Dubai and Riyadh, the region's two most important office markets, as the availability of space is limited. Rental growth is expected to continue to be anemic in other areas as a result of a mix of weak demand and surplus supply, he added.
