The real estate market in Dubai recorded 111 sales deals of housing units worth more than $10 mn (about AED 36 mn) during the first half (H1) of 2023, with a total of AED 7.14 billion, according to data released by the Dubai Land Department (DLD).

DLD’s data showed that 13 areas witnessed deals with values over $10 million; Palm Jumeirah, Island 2, Jumeirah Bay, Jumeirah 2, Burj Khalifa, Business Bay, Dubai Marina, Al Wasl, The World Islands, Dubai Water Canal, Zabeel 1, Dubai Harbor, and Blue Water.

The Dubai real estate sector closed 16 deals with values ​​of more than AED 100 mn with a total exceeding AED 2.3 bn, the highest of which was a residential apartment in Island 2 at a value of AED 410 million and a villa in Palm Jumeirah with AED 183 mn.

The annual report of the Dubai real estate market, issued by the DLD, showed that the sector in the emirate ended an exceptional year in 2022, achieving record results that for the first time exceeded half a trillion dirhams, recording AED 528 bn, with a growth rate of 44.7% in terms of volume, and 76.5% in terms of volume, compared to 2021.

For the first six months of 2023, the real estate transactions in Dubai amounted to about AED 255 billion from 75,284 transactions, with a growth of 52.7% and 31.3% in terms of value and number, respectively, compared to the same period from 2022, which is the highest level in 20 years.