(MENAFN– Khaleej Times) The end-user base in Dubai’s property market continued to grow in 2023, with buyers identifying as end users increasing from 38 per cent to 44 per cent, a report showed on Thursday.
According to Betterhomes’ Dubai real estate market report for FY2023, the emirate recorded 120,742 residential sales transactions, up 38 per cent on the previous record of 87,454 set in 2022.“This growth came predominantly from apartment sales, which increased by 49 per cent to 94,155,” the report said.
The villa and townhouse segment grew more modestly, up 9 per cent to 26,587, largely due to a lack of supply in key communities. Off-plan sales were responsible for the majority of the growth in transactions in 2023, up 48 per cent year-on-year. This led to off-plan sales accounting for the majority of residential real estate sales, up from 48 per cent to 54 per cent of all transactions. This growth was from the sale of apartments, which grew by 63 per cent year-on-year and made up 87 per cent of transactions in the off-plan market.
In the secondary market, transactions increased by 21 per cent. The sale of apartments was up by 32 per cent, whilst the sale of ready villas and townhouses grew by approximately 3 per cent. The villa market continues its growth as many buyers move towards more readily available and affordable apartments due to stock restrictions and high purchasing costs.
The total value of Dubai property sold in 2023 was Dh322 billion, up 52 per cent year-on-year. This outpaced transactional growth, giving a strong indication of rising prices. Overall, prices in Dubai rose by approximately 18 per cent in 2023, an acceleration of the 11 per cent increase seen in 2022.“This has put average prices at a record high, more than 3