Inaccurate news has been floating online and has caused significant confusion for agents and investors.
Reports, such as those from Bloomberg, suggested a 23% dip in October figures and that the total number of transactions in 2022 amounted to 92,178. However, closer scrutiny reveals discrepancies in these figures.
Whereas ArabianBusiness has identified a steep 41% plunge in September, a critical movement that could have far-reaching implications in the market.
So, what is truly going on?
On DXBinteract's latest report, a remarkable upswing in the off-plan real estate market is highlighted, with September 2023 marking the highest monthly performance of the year.
The data reveals a substantial 76% increase in off-plan sales compared to last year.
Furthermore, October continued this positive trajectory, registering a 43% surge in off-plan transactions compared to 2022.
Despite potential fluctuations due to varying reporting methodologies, the overarching trend in the off-plan market is decidedly upward, defying any suggestions of a downturn.
A recent analysis by a real estate agency featured on ArabianBusiness reported that property sales in Dubai for October totaled AED 24.24 billion. In contrast, a subsequent report by a property portal on the same platform suggested a higher figure, with sales reaching AED 29.7 billion. However, both estimates may require adjustments.
The Truth
The latest data by DXBinteract indicates that the actual value of property sales in October surpassed AED 39 billion, marking it as the month with the highest sales volume in 2023. This figure underscores the robust growth and dynamism in Dubai's real estate market.
The Bottom Line
You should rely on more than just the news to understand the property market. Rely on real-time and interactive reports on DXBinteract.com. Let fäm guide your Dubai property sale or purchase with expert, personalized support.