Dubai Real Estate Market Records High Transactions in 2023
Dubai: The Real Estate industry of Dubai recorded a record residential transaction in 2023. This spike was announced by CBRE according to which the total transactions were recorded at 118,993 residential units. This was a 29.6% YOY increase in deal volumes. This was made possible due to demand and growth in the sector reflecting a positive outlook for Dubai`s Real Estate Sector.
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According to the CBRE, a steady increase was observed in the rental sector in 2023 up to 18.9% year-on-year basis. A controlled 2% increase was witnessed in residential rents in Abu Dhabi than the previous year. Whereas, Villas saw a rise of 0.8% rent increase in the 4th Quarter of 2023.
If we talk about the supply side, then Dubai observed the delivery of 39,190 residential units in 2023. Most of these units were delivered in key Dubai areas such as Downtown Dubai, Business Bay, and Meydan One. An additional 68,880 units are expected to be delivered in 2024.
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A demand spike was also observed for built-to-suit warehousing facilities. Companies had been involved in procuring warehouse spaces adding to the higher market activity. Such upward and resilient trends ensure the growth of the economy and image of Dubai in the world while attracting an increased number of investors every year.
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