Cornelius Chester
20 Jun 2023
Residential and Commercial Sectors Drive Impressive Sales Figures, Fueled by Global Investor Interest
Dubai's real estate market has defied speculations of a slowdown, marking a remarkable surge in the first half of 2023. Residential property sales reached an impressive $28 billion (AED93.18 billion) from January to June 7, a substantial 46.71 percent increase from last year's $17.29 billion (AED63.51 billion) for the entire six-month period. Asette, the AI-driven proptech platform based in Dubai, reported a staggering rise in sales volume, with 46,835 units sold in the first half of this year compared to 34,627 units in the same period of 2022 – an uplift of 35.25 percent.
The commercial real estate sector also flourished in the near-first half of 2023, showing nearly a 30 percent surge in value, reaching AED2.86 billion, up from AED2.21 billion in the January-June period of the previous year. Leena Vesterinen, CEO and Founder of Asette, emphasized Dubai's appeal to global property investors, attributing the growth to the city's stable economy, attractive visa policies, and high quality of life. She highlighted the evolving infrastructure as a catalyst for appreciating return on investment and rental yields, enhancing the allure of Dubai's property market.
May exhibited the highest growth rate in residential real estate at over 102 percent, while the commercial sector also thrived, recording a 118 percent growth rate in May. Asette's platform has witnessed the entry of first-time buyers attracted by competitive property prices in prime locations, a trend bolstered by Dubai's affordability compared to other major cities like London and New York City.