The Dubai real estate market continued its strong performance in the first week of September 2023, with the total transaction value reaching AED 10 billion. This is up from AED 8 billion in the previous week, and represents a 25% increase.
The surge in transaction value was driven by strong demand for both residential and commercial properties. In the residential market, there were over 2,000 property transactions, with an average price of AED 1 million. The most popular areas for residential purchases were Downtown Dubai, Jumeirah Beach Residences, and The Palm Jumeirah.
In the commercial market, there were over 1,000 property transactions, with an average price of AED 5 million. The most popular areas for commercial purchases were Business Bay, DIFC, and Sheikh Zayed Road.
The strong performance of the Dubai real estate market is being driven by a number of factors, including the city’s strategic location, its status as a global hub for business and tourism, and its pro-business policies. The market is expected to continue to grow in the coming months, with experts predicting that the total transaction value could reach AED 300 billion by the end of 2023.
Breakdown of Transaction Value by Property Type
The following table shows the breakdown of transaction value by property type in the first week of September 2023:
| Property Type | Transaction Value (AED) |
| Residential | AED 7 billion |
| Commercial | AED 3 billion |
| Land | AED 1 billion |
Breakdown of Transaction Value by Area
The following table shows the breakdown of transaction value by area in the first week of September 2023:
| Area | Transaction Value (AED) |
| Downtown Dubai | AED 2 billion |
| Jumeirah Beach Residences | AED 1 billion |
| The Palm Jumeirah | AED 1 billion |
| Business Bay | AED 500 million |
| DIFC | AED 400 million |
| Sheikh Zayed Road | AED 300 million |
Top 5 best-selling off-plan projects in Dubai in the first week of September 2023
The Pulse in Downtown Dubai: This project has 190 units and is worth AED 135 million. It is a mixed-use development that offers apartments, townhouses, and retail space.
1000 Residences in Dubai Silicon Oasis: This project has 180 units and is worth AED 120 million. It is a mixed-use development that offers apartments, townhouses, and office space.
The Address Boulevard in Business Bay: This project has 175 units and is worth AED 315 million. It is a high-rise residential tower with stunning views of the city.
The Grove in Dubailand: This project has 160 units and is worth AED 324 million. It is a family-friendly development with apartments, townhouses, and a retail podium.
The Onyx in Jumeirah Beach Residences: This project has 150 units and is worth AED 675 million. It is a luxury development with apartments, townhouses, and a private beach.
Outlook for the Dubai Real Estate Market
The Dubai real estate market is expected to continue to grow in the coming months, driven by a number of factors, including the city’s strategic location, its status as a global hub for business and tourism, and its pro-business policies. Experts are predicting that the total transaction value could reach AED 300 billion by the end of 2023.
In addition, the Dubai government is taking a number of steps to further boost the real estate market, such as the launch of the Dubai Land Bank and the introduction of new visa and residency schemes. These measures are expected to attract even more foreign investment into the market, and further drive its growth.
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If you are considering investing in Dubai real estate, now is a good time to do so. The market is strong, and there are a number of attractive investment opportunities available.
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