Unique Properties, a real estate firm, has stated that Dubai’s real estate market achieved exceptional success in March 2023 with record-breaking sales.
The city recorded 29,323 property deals in the first quarter (Q1) of 2023, with 11,597 units registered in March alone. These figures show a 47.3% increase from 2022, mainly due to a 96.1% growth in off-plan deals and a 12.4% growth in secondary market transactions.
However, with this surging demand, the cost of living has also risen. The average residential prices in Dubai have gone up by 12.8%, with apartment prices increasing by 12.4% and villa prices by 14.8%.
Luxury areas in Dubai, including Jumeirah and Palm Jumeirah, have massively increased prices per square foot for apartments and villas. According to Arash Jalili, Founder, and CEO of Unique Properties, the high demand for real estate is evident in the record-breaking sales during Q1 2023.
It stated that AED 25.4 billion has been generated in sales from branded residences, with an estimated 2,000 more units to be added in 2023. The report also mentioned the sale of the Bulgari Lighthouse, a luxurious 38,970 sq ft penthouse in Jumeirah Bay Island that sold for AED 410 million earlier this year, with over 13,000 sq ft of balcony and terrace space.
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