Dubai’s real estate market has witnessed a staggering surge in transactions in 2023, crossing the half-trillion-dirham mark at AED554.7 bn, Invest-Gate reports.

This surge stemmed from 169,720 transactions, marking a significant 5.38% increase in value and volume compared to 2022, which saw 122,658 transactions amounting to AED528 bn.

Data released by Dubai Land Department revealed that the property sales in Dubai for 2023 reached AED401.2 bn, driven by 129,000 deals.

Moreover, this marks a substantial 51% increase in value and a 32.4% increase in the number of transactions compared to the preceding year, which recorded AED265.6 bn from 97,450 deals, as reported by Gulf Today.

Furthermore, these statistics reflect a record-breaking performance for Dubai’s real estate market in 2023, setting unprecedented transactional value and volume high.

Regarding mortgages, the real estate dealings in Dubai hit AED121 bn through 33,280 transactions, while donations stood at AED32.65 bn from 7,460 transactions.

In addition, December witnessed a remarkable 21% year-on-year surge in property sales in Dubai, totalling AED31.48 bn from 7,180 transactions.

In the hierarchy of top-selling areas, Palm Jumeirah led the chart, with sales touching AED29.3 bn, followed by Dubai Creek Harbor at AED14.53 bn.

Notably, other prominent areas included Dubai Marina, Jumeirah Village Circle, and Dubai Hills Estate, among others, all contributing significantly to the market’s robust performance.