As 2023 draws to a close, Dubai’s real estate market is poised for a triumphant finale, with property sales expected to soar beyond AED 400 billion ($108.9 billion), according to a recent analysis.

W Capital, a Dubai-based real estate brokerage firm, reports that the cumulative value of property sales since January 2023 has already surpassed AED 393 billion and is projected to climb even higher in the remaining days of the year, establishing a new sales record for 2023.

Walid Al Zarooni, CEO of W Capital, cited data from the Dubai Land Department (DLD) and revealed, “There were more than 127,000 deals recorded since January, and with a week before the end of the year, it is expected to exceed AED 400 billion.”

Daily transactions reported by the DLD indicate that the value of properties sold in Dubai has consistently exceeded AED 1 billion, occasionally reaching staggering amounts of AED 3 billion or AED 4 billion on some of the busiest days.

Property Finder’s recent report details over 12,000 sales transactions totaling AED 42.41 billion in the property market last month. A majority of these transactions, approximately 80%, were for apartments, with townhouses and villas comprising the remaining 18.8%.

Dubai continues to attract a significant number of domestic and foreign buyers, including those seeking prime real estate opportunities. The city’s real estate market is forecasted to achieve the highest annual prime price growth among the major markets monitored by Knight Frank, with an impressive 14%.

In addition to the heightened demand for waterfront properties, there has been a notable focus on Dubai’s most affluent neighborhoods, particularly inland villas offering luxurious living in lush green settings.

Asteco, in a separate report, expressed confidence in the robust outlook for the Dubai property market despite global uncertainties related to inflation, interest rates, climate issues, conflicts, and technological advancements.

The anticipated surge in property sales underscores Dubai’s resilience and attractiveness as a global real estate hub, setting the stage for a prosperous conclusion to the year 2023.

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