"Dubai Real Estate Market Surges 40% with AED97.5bn Sales in Q3 2023, Driven by Sustainable Growth"

In a significant boost to Dubai's real estate sector, the market has witnessed an impressive 40% year-over-year spike, reaching AED97.5 billion in sales during the third quarter of 2023. This surge follows a 6% growth in transactions between Q3 2023 and the previous quarter, underlining the city's robust real estate performance.

Dubai's real estate market remains appealing for both rentals and purchases, with ZāZEN Properties emphasizing its fairly valued status despite the continuous surge in demand. Notably, the city has seen substantial price growth, boasting an annualized real price growth of 14.6% and an annualized rental price growth of 20.3% from mid-2022 to mid-2023, figures that stand out on a global scale.

Madhav Dhar, COO, and founding member of ZāZEN Properties, attributes Dubai's real estate growth to factors such as its geopolitical safe haven reputation, overseas investments, and a focus on sustainable developments. With a projected population growth of 5.8 million by 2040 and a favorable business environment, Dubai's real estate market is poised for further expansion, boasting one of the world's lowest bubble risks.