Dubai records $117bn of property deals in first nine months of year

Number of transactions up 33.8 per cent to 116,116 amid continuing economic growth

Dubai Marina recorded property deals worth more than Dh36.7 billion in the first nine months of 2023. Pawan Singh / The National

Dubai recorded 116,116 new property transactions worth about Dh429.6 billion ($117 billion) in the first nine months of 2023 amid continuing growth in the emirate's economy, according to the latest data from the Dubai Land Department.

Total transactions surged 33.8 per cent on an annual basis, while values rose more than 36.7 per cent during the period.

“This sector’s growth aligns perfectly with Dubai’s proactive economic agenda aimed at enhancing the emirate's competitiveness and attractiveness to global investors,” said Sultan bin Mejren, director general of the Dubai Land Department.

Al Barsha South Four topped the list in terms of transaction volumes with 10,351 deals during the period. This was followed by Dubai Marina with 9,071, Business Bay with 7,414 and Wadi Al Safa 5 with 5,602.

Al Merkadh, Al Thanyah 5, Burj Khalifa, Al Khiran First, Hadaeq Mohammed bin Rashid and Jebel Ali First completed the top 10 in transactions.

In terms of value, Dubai Marina topped the list with more than Dh36.7 billion worth of deals for the period, followed by Palm Jumeirah at Dh28.51 billion, Jebel Ali Industrial First at Dh27.93 billion and Wadi Al Safa 3 with Dh25.33 billion.

Other top areas in value of deals were Business Bay, Burj Khalifa, Al Merkadh, Al Khairan First, Hadaeq Mohammed bin Rashid and Jebel Ali First.

Dubai Marina ranked first among the top 10 areas in terms of mortgage deals with 1,186, followed by Al Thanyah Fifth, Al Barsha South Fourth and Burj Khalifa.

Dubai's property market has made a strong rebound from the coronavirus-induced slowdown, helped by government initiatives such as residency permits for retired and remote workers, and the expansion of the 10-year golden visa programme.

The emirate’s residential market recorded its highest quarterly price rise in a decade in the third quarter amid higher property demand in Dubai, a report by property consultancy ValuStrat found.

The ValuStrat Price Index (VPI) covering Dubai’s residential market was up 6.1 per cent on a quarterly basis in the third quarter, with villa and apartment prices rising by 7.6 per cent and 4.8 per cent, respectively.

The property market momentum comes amid strong economic growth. Dubai's economy is forecast to grow by 3.5 per cent in 2023, after expanding by 4.4 per cent last year, according to Emirates NBD.

Dubai retained its position as the world's top destination for attracting greenfield foreign direct investment projects in the first half of this year, cementing its position as a worldwide FDI hub despite global economic headwinds, Dubai Media Office earlier this month, citing Financial Times fDi Markets data.

The emirate attracted 511 greenfield projects during the period, surpassing second-placed Singapore by 325 projects, it found.