Dubai’s residential real estate witnesses 43.8% surge in demand in February 2023
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- 17 Mar 2023
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The off-plan market was a driving factor in fueling the country’s real estate growth
Dubai’s residential real estate witnesses 43.8% surge in demand in February 2023
Dubai’s residential market witnessed a 43.8 percent surge in demand last month, with 9,020 sales transactions compared to 6,310 in February 2022, according to a report by ZāZEN Properties, a sustainable property developer in the UAE.
The off-plan market was a driving factor in fueling the country’s real estate growth.
The UAE’s real estate sector is also fuelled by expats who are looking to stay in the country long-term, according to ZāZEN Properties’ co-founder and chief operating officer Madhav Dhar.
“Data shows that in February, 41 percent were searching for one-bedroom units while 33 percent were looking for two-bedroom units. We have seen similar trends with our flagship development ZāZEN One which launched last year and sold out in 6 months, as well as in our most recent project ZāZEN Gardens in Al Furjan, near the Gardens metro, which has been very well received,” Dhar said.
In February 2023, off-plan transactions in Dubai grew 77.8 percent year-over-year, registering over 4,500 transactions, compared to 2,533 in the same period last year. This growth trend has underpinned the strength of Dubai’s overall real estate market, the report said.
The value of off-plan properties also increased year-on-year, with a growth of 154 percent, reflecting the highest volume and value for off-plan sales during any February in the last decade.
The value of off-plan transactions was worth $30 million more than the 4.4 billion logged in February 2022. Read More…
