Dubai Real estate transactions hit Dhs285 billion in the first half of 2023

HH. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai has highlighted Dubai’s ‘exceptional economic performance’ in the first half of 2023. The Crown Prince took to social media to celebrate Dubai’s impressive H1 achievements upon reviewing a report on the city’s growth.

Sharing some of the key takeaways from the report, Sheikh Hamdan proudly shared that Dubai “achieved new levels of growth and was at the forefront of many economic fields,” in the first six months of 2023.

This included welcoming some 8.5 million visitors between January and June, 2023, a significant growth from the 7.12 million international overnight visitors that came to Dubai in the same period in 2022. It’s also a slight increase on pre-pandemic levels: in 2019, H1 tourism arrivals hit 8.36 million, according to Visit Dubai. Back in April 2023, Trip Advisor recognised Dubai as the world’s most popular travel destination.

The same report also shone a light on the exponential growth of Dubai’s real estate sector. In the first six months of the year, real estate transactions in Dubai totaled a sum of Dhs285 billion.

Earlier this year, Bloomberg reported that Dubai’s real estate market has become the world’s busiest for luxury properties over USD10 million, surpassing luxury real estate hotspots like New York and Hong Kong. According to Knight Frank as reported by Gulf Business, 176 homes worth at least USD10m changed hands in the first half of the year.

According to Sheikh Hamdan, Dubai also emerged as one of the world’s three most attractive cities for the wealthy. This follows the city making its mark in the top 10 on a number of best-in-class lists, such as most picturesque cities (Dubai was number 6) and world’s best places for expats (the UAE also ranks sixth).

Concluding his review of the report, the Dubai Crown Prince said, “Dubai continues to reinforce its position as a major global economic hub, and will always be the best place to live and work worldwide.”

Images: Supplied and Unsplash

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