Dubai: According to the latest news reports, ZaZEN Properties, a renowned property estate in the UAE, claimed that there were a total of 9,020 sales transactions made in February 2023 in the region in comparison to February 2022, which was 6,310. Consequently, Dubai’s residential real estate sector experienced a high growth of 43.8 % in the previous month.
The off-plan market is a leading factor behind the cause. Furthermore, according to ZaZEN Properties, the real estate ex-pats who have been residing in Dubai for years also contributed to uplifting the country’s real estate growth.
February 2023 brings the highest percentage of off-plan transactions registered in Dubai. The region witnessed the maximum number of transactions, over 4500, with a percentage of 77.8%. Compared to the last year’s transactions which were 2,533, the off-plan value was indeed a major factor in boosting the overall real estate market of Dubai.
Meanwhile, the demand for luxurious apartments in Dubai’s top location has also increased. According to ZaZEN Properties, Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah, and Jumeirah Village Circle are the areas most in demand.
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