Dubai properties close 2023 brilliantly

Inayat-ur-Rahman, Business Editor

Bayut, the premier property portal in the UAE, has unveiled its 2023 Dubai Property Market Report, shedding light on the most coveted areas within the emirate’s real estate sector. Through their latest property market reports, Bayut has provided the property seekers with a valuable repository of data, to help them enhance their decision-making, using comprehensive market intelligence.

The report shows that Dubai’s property sector closed 2023 brilliantly and with flying colours. Based on the search trends observed on Bayut, the upward trajectory of property prices in Dubai persists, establishing a favourable setting for sellers and landlords. This sustained uptrend aligns with the heightened demand fuelled by the influx of investors and residents, resulting in unprecedented growth in the real estate market.

Commenting on the findings, Haider Ali Khan, CEO of Bayut and Head of Dubizzle Group MENA said: “The Dubai property sector has maintained its commendable growth trajectory, concluding 2023 on a high note. Our data reveals sustained progress in property prices, driven by heightened demand from investors and residents wanting to own property in this promising market. There are notable upticks in sales prices across various segments, reflecting the appeal of Dubai’s real estate landscape”.

2023 has been a phenomenal year for the Dubai real estate market. With the number of transactions in the third quarter alone nearing an unprecedented Dhs 100 billion, it would be safe to anticipate that this property boom is here to stay for 2024.

Furthermore, the supply-demand dynamics in the UAE property market play a crucial role in price movements. With limited new supply entering the market, especially in sought-after locations, the scarcity of available properties are expected to drive prices upward due to increased competition amongst buyers.

“The impressive total of property sale transactions in 2023, amounting to close to AED 410 billion, solidifies the robustness of the market. As we prepare ourselves for 2024, the heightened demand for properties is expected to increase, owing to the launch of various new primary projects attracting a lot of investors from across the globe”, Khan concluded.