Dubai Real Estate Hits 2023 With A Solid Bang
Dubai's Real Estate market had a historic year in 2022, with total sales reaching Dhs265.6 billion ($72.3 billion), according to data from the Dubai Land Department analyzed by Dubai-based brokerage W Capital. This marks the highest annual value ever recorded in the Dubai market, with over 97,480 transactions.
On an annual basis, real estate sales grew 78.3% in terms of value compared to Dhs149 billion the previous year. In terms of the number of deals, there was a 62% increase compared to 60,200 deals in the previous year.
Dubai Real Estate Sales Reach All-Time High
December also saw the highest monthly value of real estate sales deals ever, with over Dhs26 billion in transactions. This followed November's record-breaking month, with Dhs30.8 billion in sales. Walid Al Zarooni, Chairman of W Capital, said: "2022 is the best year for the performance of the real estate market in Dubai, as it witnessed breaking records time after time, recording a new annual level that has not been witnessed before, whether in terms of values or sizes."
He added that the Dubai real estate market continues to attract large numbers of investors from around the world due to its favorable infrastructure and investment environment.
Top Real Estate Transactions of the Week in Dubai
The top three real estate transactions of the week were:
· Land in Marsa Dubai sold for Dhs623.07 million
· Land in Al Thanyah Fifth sold for Dhs77.23 million
· Land in Marsa Dubai sold for Dhs623.07 million
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Al Hebiah Fifth recorded the most transactions of the week, with 133 sales worth Dhs386.38 million. Jabal Ali First had 49 sales worth Dhs228.15 million, and Al Merkadh had 12 sales worth Dhs125 million.
The top three transfers for apartments and villas were:
· Apartment in Island 2 sold for Dhs119 million
· Apartment in Island 2 sold for Dhs115 million
· Apartment in Island 2 sold for Dhs75 million
Mortgaged Properties and Property Grants in Dubai
The total amount of mortgaged properties for the week was Dhs1.85 billion. The highest mortgage was on a building in Burj Khalifa, valued at Dhs300 million. There were 101 property grants between first-degree relatives worth Dhs1 billion.
N7 Real Estate Staying at the Top for the Betterment of Dubai
N7 Real Estate has been working hard to be a top player in the thriving Dubai real estate market. With the market breaking records in 2022 and experiencing tremendous growth, N7 Real Estate is dedicated to continuing to provide excellent service and support to its clients in the Dubai market. The company's commitment to the success of its clients and to the overall health of the Dubai real estate market is evident in its efforts to stay up to date with market trends and to provide top-quality service.