Dubai’s real estate market peaked in 2023. Transaction activity reached 118,200 units, per Savills. This surge, surpassing 100,000 transactions, credits Dubai’s robust economy.
The report highlights Dubai’s consistent post-COVID-19 demand growth, mainly driven by off-plan properties. While end-user activity decreased, observers noted a shift towards investment properties.
Key areas witnessing substantial transaction activity include Dubai Sports City and Arabian Ranches. Swapnil Pillai, Associate Director of Research at Savills Middle East, anticipates industry growth to continue.
Meanwhile, the office real estate market experienced a surge in demand, particularly evident in high-quality green-certified assets.
Grade A assets saw high demand, notably in the DIFC micro-market. Dubai’s 2023 office market experienced expansion, with mergers and acquisitions driving demand.
Furthermore, Dubai’s industrial and logistics sector emerged as one of the most resilient asset classes.