Unique Properties, one of Dubai’s leading real estate agencies, cites yet another strong surge in the emirates property sector with recent data indicating a 78% increase in sales volume in May 2023 when compared to the same period one year ago; 11,700 real estate transactions were logged last month, an almost double bump from the 6,587 sales that were registered in May 2022. This strong performance follows a recent analysis that suggests real estate in the emirate is estimated to reach AED 300 billion in sales by the end of 2023. Various factors have resulted in this forecast, including an increasing influx of high-net-worth individuals (HNWIs) and flexibility of payments, especially through the off-plan market which has witnessed a consistent supply of units being delivered.
Branded residential units in Dubai’s off-plan sector have seen rising interest and been a catalyst for this growth. The UAE’s growing HNWI population has contributed to this uptick in demand for such projects over recent months, consequently pushing the total price of sales during this period. Last month saw multiple branded residential properties sold, including an AED 26 million apartment in The Palm Jumeirah by Six Senses, further attesting to the fact that Dubai will always be an ideal investment option for buyers with its long-term value being evident.
The off-plan segment has continued to be a catalyst for the growth of Dubai’s real estate sector throughout the first half of the year and an ideal option for investors to look at due to strong contributing factors such as affordability, convenient payment plans, and higher capital gains, among other benefits. As we approach the latter half of 2023, units sold in the off- plan market will continue to be a key reason behind the sector’s prosperity and a key advantage that developers will utilize to keep rolling out new projects to meet market demand for both affordable and premium spaces.
Arash Jalili, Founder and Chief Executive Officer of Unique Properties, commented: “After the UAE real estate sector’s historic 2022, where we witnessed total sales of AED 261 billion and an increase of 75% from the AED 149 billion that was logged in 2021, the country has been able to maintain its momentum and continue growing. Shortage of supply and strong inflows of money from ultra-high-net-worth individuals (UHNWIs) are the prime reasons for the tremendous growth in prices in prime residential districts like Palm Jumeirah, Emirates Hills, and Jumeirah Bay Island. Whether it is HNWIs looking to maximize their investments, or expatriates who are seeking a good balance of high-quality life, the UAE provides a myriad of political and economic factors that cater to these needs.”
Prices for high-end homes in Dubai are also expected to continue surging in 2023, rising from 6% to 7.9% this year. Despite this jump being projected as the highest in the world, prime property prices in Dubai remain 80% cheaper than it is in other major cities worldwide. Unique Properties’ extensive market knowledge is steering several transactions across Dubai’s residential off-plan segment; the full-service award-winning agency facilitates resale property, sales and commercial, and rental transactions with international expert teams.
About Unique Properties:
Established in 2008, Unique Properties, one of Dubai’s leading real estate agencies is headquartered in Dubai, UAE. As a multi-award-winning real estate company, it is one of the most reputable in the region. Founded by Arash Jalili, Unique Properties offers a range of services, including a consortium of premium hand-picked, off-plan projects and ready properties for sale and leasing. In 2021, Unique Properties contributed 2% to Dubai’s total “off-plan” sales volume and around 1% to its overall real estate economy, which recorded transactions worth $ 82 billion (AED 300 billion). Through its multilingual and experienced consultants, Unique Properties provides reliable and exceptionally tailored real estate investment solutions to clients. Learn more about Unique Properties at https://www.uniqueproperties.ae/en/
