According to the Dubai Statistics Center, Dubai housing market and construction sectors grew by 3.6% and 1.9%, respectively. This data is for the first half of 2023. This accounts for almost 14.4% of the city's overall GDP for the year.
In 2023, sales transactions totaled AED 411.74 billion, a 56% increase over 2022. The strong economic expansion and thriving tourism industry lead to increased housing demand.
Registered real estate transactions Dubai in 2023 increased to 133,134, up from 96,459 in 2022. This shows an amazing 37% increase. This establishes a new standard for remarkable commercial growth in the city.
The significant growth has continued through this year. According to JLL MENA, home sales transactions in Dubai increased by 16% in value and 20% in volume in the first quarter of 2024. This is in comparison to the same time last year.
The UAE's housing market is rapidly evolving and maturing. Dubai, in particular, is rapidly expanding. It is attracting new residents due to its unique lifestyle, business-friendly climate, and global access. This might also be because of the visa reforms and residency laws.