Dubai property market zooms, realty deals record 37% growth in 3rd quarter

Picture used for illustrative purpose only.

Inayat-ur-Rahman, Business Editor

The Dubai real estate market achieved remarkable and unprecedented results in property transactions. In Q3 2023 alone, the value of these transactions soared to Dhs430 billion, showcasing an impressive 37% growth compared to the same period last year, while the number of new investors witnessed a significant upswing of 15%.

This underscores our steadfast dedication to translating and embracing Dubai’s vision and goals and underscores the unshakable confidence investors have in the sector, the resilience of our economy, and its ability to tackle challenges head-on, all of which collectively contribute to the ongoing elevation of Dubai’s competitive Standing.

This was stated recently by Sultan Butti Bin Mejren, Director General of the Dubai Land Department.

Meanwhile, the UAE-based real estate firms AveNew by RH, Pride and Property and Landsmith Real Estate have announced the completion of a joint land transaction worth over Dhs300 million – one of the biggest transactions of its kind – in Dubai’s coveted Jumeirah Golf Estates. Established in 2021, AveNew has created a strong presence in the Dubai Real Estate Market in a short span of time, specialising in helping investors and property buyers secure incredible deals across the Emirate owing to their extensive knowledge of the Dubai Real Estate market and a strong network of agents & consultants.

Landsmith Real Estate, a well-established homegrown boutique real estate firm, and among the pioneers in the luxury property segment in Dubai, specialises in prime residential locations as well as structuring deals and large commercial projects. Pride and Property, another formidable entity in the real estate realm, has immense experience in selling luxury off-plan and ready-to-move-in properties on the beachfront and other prominent locations in Dubai.

The trio combined their

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