Dubai’s property market shows “no sign of slowing down” according to the boss of LuxuryProperty.com, Mark Castley.
“We are doing more transactions than ever before, but the real indication is the conversion rate of people interested in buying to people actually buying – that’s where the real strength of the market is,” he said.
Dubai has seen “record levels” of demand in residential spaces, with transaction volumes reaching 8,515 in February 2023, according to a report by CBRE.
Dubai real estate market
This showed a 43.8 percent increase from the previous year, also making it the highest February figure, the report said.
“This growth has been underpinned by a 78.1 percent increase in off-plan market sales, along with an 18.8 percent increase in secondary market sales. 17,741 residential transactions have been recorded in the year to date to February 2023, the most on record during the first two months of the year,” the report said.
Average apartment prices rose by 11.2 percent, whereas average villa prices grew by 13.6 percent.
In February 2023, the report also noted that the average apartment prices in Dubai reach AED1,211 per square foot, whereas prices for villas reached AED1,432 per square foot on an average.
Castley, whose company just won Agency of the Year 2022 as well as Agency of the Year 2022 (People’s Choice) at the Bayut ‘Stronger Together’ Property Awards, said another big change had been the on the rental market which continues to surge.
“We have routinely closed some of the most expensive transactions in any given year, including custom-built Signature Villas on Palm Jumeirah, as well as stunning mansions in Emirates Hills and Dubai Hills Estate,” he said.
“In 2022 alone, we closed the most expensive rental deal in Dubai history – a AED 4 million Palm Jumeirah rental for a