Record growth in Dubai real estate: sales up 22.7, rentals up 11.2.

Dubai: PROBERTY FINDER has published its latest market monitoring report for the third quarter of 2023, which found continued interest from real estate researchers in the Dubai market, recording new record highs in the total value of real estate transactions.

The report notes that real estate investment has become the preferred form of investment because of its long-term benefits and new trends that are changing the face of the real estate market in the United Arab Emirates.

According to official sales and rental figures in Dubai provided by the Department of Land and Real Estate in association with Proberty Finder in Dubai, the quarterly total sales figure was 1,554 transactions in''payments.

In the third quarter of 2023, real estate sales accounted for 52.8% of total transactions, up from 53.5% at the same time last year.

Finished real estate sales reached 16,467 transactions, a record high compared to 13,591 transactions in the third quarter of 2022, with an increase of 21.2% from last year and 7.24% from the second quarter of 2023.

The total value of transactions reached AED 61.8 billion compared to AED 45.03 billion in the third quarter of last year, which is a record and shows an increase of 37.3% compared to the second quarter of 2023.

The Proberty Finder data also shows that the most popular areas for apartment rentals in the third quarter of 2023 are Dubai Marina, City Center,''Commercial District, Palma Jumeirah, Jumeirah Circle.

Villa tenants focused their attention on the neighborhoods of Dubai Hills Estate, Palma Jumeirah, Arabian Ranches, Damac Hills, Al Farjan.

Rental contracts in Dubai increased by 11.2% year-on-year to 156,422 contracts in the third quarter of 2023 compared to 140,685 contracts in the third quarter of 2022.

New contracts increased by 2.63%, reaching 84,766 contracts compared to 82,596 contracts in the third quarter of 2022.

Renewed contracts increased 23.36% to 71,659 contracts compared to 58,089 contracts in the third quarter of last year.

An overall increase in demand for real estate in the city was seen, reinforcing''positive real estate market dynamics in the coming months.

Dubai Marina, Jumeirah Circle, Commercial District, City Center, Jumeirah Lakes Towers remain the preferred locations for apartment rentals in the third quarter of 2023.

The villa rental market is most active in Dubai Hills Estate, Damac Hills 2, Barsha, Jumeirah, Damac Hills.