Dubai realty market set to hit Dhs300b

Inayat-ur-Rahman, Business Editor

Dubai’s real estate market is currently in the midst of an extraordinary growth phase, predominantly led by the residential sector, which has been breaking records with remarkable transaction levels. “We expect that the total value of the emirate’s real estate sector will reach Dhs300 billion by the end of this year with a number of mega launches expected in this last quarter of 2023.”

This was stated by Farooq Syed, Chief Executive of Springfield Properties, during an exclusive interview with Gulf Today.

“Over the 12 months leading up to August 2023, Dubai’s real estate market exhibited substantial growth, with average property prices soaring by an impressive 19.6 per cent.”

Farooq Syed, Chief Executive of Springfield Properties.

“During this period, the average prices of apartments surged by a remarkable 20.0 per cent, while the prices of villas also enjoyed substantial gains, showing an increase of 17.3 per cent.”

“ These figures underscore the robust demand for a wide range of residential options in the emirate.” Syed added.

Amidst this dynamic landscape, Springfield Properties, under the visionary leadership of Farooq Syed, has maintained its prominent position in Dubai’s real estate market. Commenting on the current real estate trends in Dubai, Farooq Syed, Chief Executive of Springfield Properties, noted, “Dubai’s real estate market is undergoing a transformative phase that transcends statistics; it revolves around people and their aspirations for luxury living. The demand for high-end, sustainable properties tailored to those pursuing an elevated lifestyle is on the rise.

Rising to meet market demand, Al Dar has just recently launched their first residential development in Dubai called Haven which had an impressive sell out of its first two phases on launch day.