According to data from the Dubai Land Department, Dubai’s annual real estate sales in 2023 are expected to surpass AED 400 bn for the first time ever, setting a new record value, Invest-Gate reports.

W Capital Real Estate Company predicts that the strong momentum in the Dubai real estate market will continue into the next year following significant growth in 2023.

The report by W Capital highlights that the value of real estate sales from the beginning of 2023 until now has already reached over AED 393 bn, marking the highest level ever recorded in the market’s history.

This achievement is attributed to the execution of more than 127,000 transactions. With one week remaining in the year, it is anticipated that the total sales value will exceed AED 400 bn.

The report emphasizes that these unprecedented sales not only reflect growth in the luxury real estate sector, where Dubai holds a global leading position, but also in the medium-sized real estate sector, as well as commercial and hotel units. This indicates the strength of growth across various segments of the real estate market in Dubai.