Greetings Dear Readers,
Hope you have all had a wonderful and productive February, always one of the more pleasant months for Dubai. With this newsletter, the aim is to bring you a review of Dubai real estate activities, on a monthly timeframe. February 2023 has seen a total of 6869 registered transactions, an increase of roughly twenty three percent over February 2022, signifying the continued strength of the real estate market here in Dubai. It should be noted that such performance comes at a time when major markets around the globe are witnessing stress and interest rates and inflation are on the higher end of historical averages. The outpour of people, capital and hope into Dubai is indeed noteworthy in this regard. The five busiest areas for the month have been JVC, Town square, Creek Harbor, Downtown and Arjan, almost all these areas other than Downtown have witnessed a slew of new off-plan launches. The average price per Sq ft. has registered at AED 1536, which is an increase of roughly 5% over February 2022. Rising prices with rising volume is usually sign of a very strong market, a point which should be given important consideration. Another important indicator of market strength is the breadth of the market, happy to observe that momentum continues across all segments of the market; affordable, luxury and super luxury. While the bulge of the market activity is between AED one to three million, segments below one million and above five million are also enjoying solid momentum. New project launches from developers continue, with more upcoming inventory in the coming months. While the trend and race for luxury and branded projects is noticeable, enough inventory for investors and end-users is also making its way to the market. The rental market continues to be very strong and the demand for ready townhouses and villas, both for sales and rentals, particularly for the luxury communities, is noticeably outdoing the supply. Tourism numbers and DED license registrations are usually a leading indicator for the market in Dubai, the continued strength and uptick in both metrics is confidence inspiring. Fundamentally, any market is primarily comprised of properties, people, and capital. All the three continue to be in good supply for Dubai. As always, keep your faith in real estate, the most reliable asset class, over centuries, and in Dubai, the most dynamic city of the 21st century. Looking forward to serve your quest for Dubai real estate.