Dubai’s luxury real estate market witnessed remarkable expansion in 2023, showcasing unprecedented growth. This year marked the sale of the most expensive penthouse in the UAE to date, accompanied by record-breaking investment volumes.
According to the Dubai Land Department (DLD), significant real estate transactions in Dubai throughout 2023 included:
- Como Residences penthouse — AED 500M (USD 136M)
- An apartment in Jumeirah Marsa Al Arab — AED 420M (USD 114M)
- Another apartment in Jumeirah Marsa Al Arab — AED 286M (USD 78M)
- Additionally, an apartment in Bulgari Lighthouse Dubai, Jumeirah Bay Island — AED 143.5M (USD 39M)
- A hotel apartment in Luxury Family Residences II, Business Bay — AED 125M (USD 34M)
- Notably, an apartment in Mr. C Residences Jumeirah — AED 36.7M (USD 10M)
- Furthermore, an apartment in Bluewaters Residences — AED 8.66M (USD 2M)
- Lastly, an apartment in Seventh Heaven, Al Barari — AED 5.27M (USD 1.4M)
Between January 1 and December 12, real estate transactions exceeding AED 378B (USD 97B) were registered in the emirate. Throughout the year, over 124,000 transactions occurred, encompassing 96,083 residential units, 11,503 buildings, and 16,808 land plots.
April 2023 marked the pinnacle of Dubai’s real estate market, witnessing transactions totaling AED 5.38B (USD 1.38B) in a single day. Another remarkable day was on March 27 when existing real estate sales reached AED 3.89B (USD 1B). Additionally, property transactions worth AED 4.65B (USD 1.2B) were recorded on October 9.
Notably, Dubai experienced a surge in expat homeownership in 2023, surpassing previous market peaks and setting new sales records. This underscores the emirate’s exceptionally high investment appeal among foreign nationals.