Recording impressive statistics from May 15th to May 21st, 2023, the total number of transactions during this period reached a remarkable 2,527, with a total value of 7.32 billion AED. These figures highlight the sustained demand for properties in Dubai and the confidence of investors in the market.
Breaking down the numbers, the primary market accounted for 1,201 transactions, amounting to a total value of 3.40 billion AED. This segment signifies the robust activity in off-plan projects, illustrating the ongoing interest of buyers and investors in acquiring properties during the early stages of development.
On the other hand, the secondary market demonstrated its own strength, contributing 1,326 transactions, out of which 553 involved mortgage transactions. The total value of transactions in the secondary market was 3.93 billion AED, with mortgages accounting for 1.64 billion AED. These figures indicate a healthy level of resale and mortgage activities, indicating that investors are both buying and selling properties in the market. Among the notable highlights of this period was the sale of the most expensive property, a custom villa located in Jumeirah Bay Island, which fetched an impressive price of 135 million AED. This remarkable transaction underscores the presence of ultra-luxury properties in Dubai and the willingness of high-net-worth individuals to invest in exclusive and prestigious real estate offerings.
Furthermore, specific areas within Dubai demonstrated exceptional performance in terms of value, both in residential apartments and villas. In the residential apartment category, the top-performing areas were Dubai Harbour, Palm Jumeirah, and Dubai Water Canal. These regions have consistently attracted buyers due to their prime locations, luxurious amenities, and stunning views, making them highly sought-after destinations in the Dubai real estate market.
In the residential villa segment, the top-performing areas were The World Islands, Palm Jumeirah, and Damac Lagoons. The World Islands, an iconic archipelago project, showcased its allure and exclusivity by capturing significant attention from buyers. Palm Jumeirah continued to assert its reputation as a premier residential destination, known for its opulent villas and beachfront living. Meanwhile, Damac Lagoons made its mark with its unique offerings and captivating lifestyle options, attracting discerning buyers looking for tranquility and luxury.