Dubai real estate market recorded 50 per cent jump in sales performance in 2023

Soaring to exceed Dh 400 billion by the end of 2023

The Dubai real estate market witnessed an unprecedented surge in performance throughout 2023. Ahmad Ibrahim, CEO of Avalon Properties expressed astonishment at Dubai's remarkable market performance, soaring to exceed Dh400 billion in 2023 compared to Dh265 billion in 2022 in total sales. October 2023 set a new sales record, hitting Dh39 billion, surpassing November 2022 Dh30 billion peak month. This unexpected upswing underscores the remarkable trajectory success of Dubai's real estate market this year.

Dubai recently revealed its ambitious Palm Jebel Ali masterplan, a futuristic project twice the size of Palm Jumeirah. His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, introduced this colossal development himself through a grand launching ceremony. In parallel, Dubai Land Department records show the sale of Dubai's highest expensive penthouse at Dh500 million. This landmark sale not only set a new local record for Dubai but also secured its place as the third most expensive penthouse sold globally. Earlier this year, Bloomberg reported that Dubai's most expensive mansion was sold for Dh302.5 million.

Avalon Properties, a distinguished name in the Dubai real estate market, envisions a dynamic trajectory for 2024 centered on fostering unparalleled client experiences both globally and locally within Dubai's vibrant property market. Committed to excellence, the focus remains steadfast on assisting clients in acquiring properties that resonate with their dreams and aspirations. With an unwavering dedication to integrity and transparency, we aim to curate the best deals, ensuring our clients' trust through loyalty and honesty. The mission extends beyond transactions; it's about building enduring relationships while navigating the ever-evolving real estate landscape, providing expert guidance and securing exceptional opportunities for our valued clients.

Dubai has long been known for its sharp booms. According to a Bloomberg source, Dubai’s property market recently broke a decade-long record for home sales. Developers are expected to deliver 40,000 homes in Dubai in 2024 and 2025. That's high when compared with historic levels at between 15,000 to 30,000 homes.

Avalon Properties unveils its comprehensive forecast for the Dubai real estate market in 2024. As the real estate landscape undergoes rapid transformations globally, the company predicts significant shifts and trends that will define Dubai's property sector in the coming year. Ibrahim says: "The Dubai real estate market is expected to grow by not less than 40 per cent in 2024. The growth of the market is being driven by a strong economy, increased investment, and a rising population. The luxury segment is expected to perform the best, while the rental market is also expected to remain strong."

Dubai's property market, known for its sharp rises, recently set a decade-long record for home sales according to a Bloomberg source. Forecasts indicate that developers are aiming to deliver 40,000 homes in 2024 and 2025, surpassing historical levels of 15,000 to 30,000 homes. Avalon Properties, a leading real estate company based in Dubai, unveils its comprehensive forecast for the Dubai real estate market in 2024.