In 2023, there was a surge in the sales of premium and luxury properties in Dubai, reaching unprecedented levels.

As per CBRE, a leading commercial real estate services company, prime properties valued at over $1.36 million and super-prime properties exceeding $2.7 million witnessed record-breaking sales in Dubai during 2023. Comparing average prices in Q4 2023 to Q4 2022, prime properties experienced a notable 22.5% increase, while super-prime properties saw a 20.4% rise. Anticipated for 2024 is a continued robust growth in prices within these segments.

In terms of sales performance compared to 2022, prime property sales surged by 54.5%, totaling 10,296 transactions, while super-prime property sales rose by 68.4%, reaching 3,806 transactions. Notably, off-plan sales constituted a significant portion, accounting for 67.2% of total transaction volumes for prime properties and 70.8% for super-prime properties.

The International Monetary Fund (IMF) reported that property prices in the UAE exhibited the highest increase globally in 2023. The top three countries in terms of price growth were the UAE with a remarkable 10.4%, followed by Mexico at 4.72%, and Israel at 3.1%. Additionally, the UAE secured the 6th position worldwide for countries experiencing the highest price growth since the pre-pandemic level, registering a substantial 14.15%.

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