Dubai’s real estate market has achieved AED 217 bn in sales resulting from 72,101 transactions from the beginning of 2023 until the end of July, compared to AED 136 bn through 49,999 transactions during the same period in 2022, with the growth of 60% and 44% in value and number, respectively, Invest-Gate reports.

The total real estate transactions from the beginning of 2023 until the end of July amounted to about AED 304.3 bn, resulting from 89,824 transactions at the end of last July, compared to AED 204 bn resulting from 66,431 transactions during the same period in 2022, with a growth of 49% and 35% in terms of value and number, respectively.

Mortgages reached AED 70.6 bn from the beginning of 2023 until the end of July, compared to AED 57 bn in 2022, an increase of 24%.

Meanwhile, donations reached AED 16.7 bn, compared to AED 8.36 bn, a growth of 100%.

Ready properties acquired the largest share of the real estate market sales in Dubai from the beginning of this year until the end of July, amounting to AED 134 bn, with a growth of 62% in terms of value resulting from 36,280 transactions, including 24,625 residential units, 2,050 buildings, and 9,605 land plots.

Moreover, off-plan properties accounted for 38% of total sales, with a value of AED 83 bn resulting from 35,811 transactions, including 31,317 residential units and 4,494 buildings.

In July 2023, the total real estate transactions amounted to AED 49.64 bn resulting from 13,869 transactions, compared to AED 36.6 bn resulting from 9,102 transactions during the same month in 2022, with growth of 35.6% and 52% in terms of value and number, respectively.

The sales value for July 2023 was AED 37.7 bn resulting from 11,103 transactions, including the sale of 8,075 real estate units, 951 buildings, and 2,077 land plots, compared to AED 20.9 bn resulting from 7,126 transactions during the same month in 2022, a growth of 80% and 56% in terms of value and number, respectively.

Residential units acquired the largest share of the total sales, exceeding AED 130 bn, equivalent to 60% of the total sales value of AED 217 bn, with apartments representing the largest value of AED 112 bn, followed by land plots that reached nearly AED 87 bn, and villas with approximately AED 18.15 bn.

Ten regions acquired 43.5% of the total sales, with a value of AED 94.3 bn, including Palm Jumeirah, Dubai Creek Harbour, Burj Khalifa, Business Bay, Dubai Marina, Jumeirah Village Circle, Al Habtoor City, Al Quoz 2, Dubai Hills Estate, and Dubai Harbour.

Real estate transactions in Dubai during H1 2023 amounted to approximately AED 285 bn, and the value of the market’s sales transactions in Dubai during H1 reached about AED 179 bn, a growth of 56.3%.