This is despite the fact that the demand for both buying and renting is on the rise. Since 2021, there has been an increase in the prices in the emirate.
From mid-2022 to mid-2023, there was an annualized real price growth and annualized rental price growth of 14.6% and 20.3% in the cosmopolitan city, respectively, which are the highest rates globally.
The third quarter
The results for the third quarter this year show that the real estate sector in Dubai has managed to maintain its momentum.
From July to October this year, the total number of transactions reported by the Dubai Land Department (DLD) stood at 31,216 and these comprised of 5,016 plots, 3,158 buildings and 23,042 units.
During the same period last year, the number of sales reported stood at 25,503, which shows that there was a year-on-year (YOY) growth of about 22% this year.
The sales transactions that were recorded in the third quarter had a value of AED 97.5 billion, while the value of sales transactions recorded in the same period last year stood at AED 69.5 billion.
This is a growth of 40%. Moreover, a comparison between the second and third quarter of this year shows that there was transactional growth of 6% in Dubai.
According to the founder member and COO of ZaZEN Properties, MadhavDhar, said that there were several factors that had contributed to the upward trajectory of the real estate sector in Dubai.
This included the reputation of the cosmopolitan city as a geopolitical safe haven that has seen it attract overseas investment, along with greater emphasis on sustainable development in the emirate.
Dhar said that migration from overseas had become a huge trend because Dubai was ranked as one of the top 10 cities to live in.
By 2040, the emirate is expected to see its population growth reach 5.8 million thanks to a conducive business environment, streamlined visa regulations and a luxurious and secure lifestyle.
Real estate market
These factors have increased international interest in Dubai and contributed to the growth of the emirate’s real estate market.
Therefore, Dubai has become a prime destination where real estate is concerned, especially the current value as well as the expected fair market value, as opposed to other real estate markets.
As the real estate landscape in Dubai undergoes transformation to launch a new era of sustainability, ZaZEN Properties is also contributing to future-proof its economy.
The latest development of the homegrown brand is called ZaZEN Gardens and is located in Al Furjan, which is scheduled for development in April next year.
It would add to Dubai’s sustainable landscape and this would lead to a better future for the residents of the UAE.