Industry data has revealed that the property sector in Dubai achieved a new milestone in the first quarter (Q1) of 2023, with deals exceeding $24 billion (AED 88.73 billion), a 60% increase compared to the same period last year.
Experts have predicted a 10%-12% rise in the next two quarters, indicating that Dubai’s real estate will experience further growth in the near future.
Adil Akhtar, CEO and Founder of Foremen Fiefdom, a Dubai-based real estate investment company, has reported that the increase in demand for affordable and moderately priced properties will expand the city’s real estate market.
Several experts believe that the growth witnessed in Q1 will continue throughout the year. According to Adil, the sales of villas and townhouses surged by 35.5%, and apartment sales by 12.4%, showing high demand for residential units.
Adil further remarked that there is a growing preference among buyers for residences that offer more space and privacy, such as villas and townhouses. This shift in priorities is due to the COVID-19 pandemic, as people now want to have their own space to work, study, and relax.
Adil added that properties priced between AED 500,000 and AED 1 million are in high demand, reflecting buyers’ choice for fairly priced properties.
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