RIYADH: Dubai’s residential sector is on track to record its busiest year yet as the number of property transactions hit its highest half-yearly transactions ever,
according to a new report.
Released by global real estate service provider Savills, the report revealed that transactions surged 44 percent in the first half of 2023 compared to a year earlier to reach 57,700.
The split was 46,100 apartments and 11,600 villas sold during the period, the report indicated.
“Historically, the summer months in the UAE have been known to be slow as many residents travel during the school break,” said Swapnil Pillai, associate director, Middle East research at Savills.
He added: “However, this trend seems to be changing in recent times as Dubai property continues to find favor among residents and international audiences looking for stability amid an uncertain economic
environment.”
In fact, when compared to the five-year average, activity levels are up by 209 percent in the current period, the report showed.
“While it is still early to comment on the overall take-up during the usually slow summer period, early indicators suggest that market activity is likely to remain strong,” Pillai said.
According to the report, villas and townhouses are the most sought-after development type in the emirate. Source: Arab News
