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Dubai real estate market results in 2023

Dubai real estate market results in 2023

Dubai’s real estate market continues to show steady growth, setting new records in 2023. This positive momentum is expected to continue into 2024, opening up new opportunities for investors and buyers.

According to official statistics, the total value of transactions in the residential sector amounted to around UAE Dh412 billion (US$112.7 billion) in 2023. This is a 56% increase from 2022. The number of transactions also increased by a third to 133,000. This growth is due to a number of factors, including:

Emerging trends in the industry, such as the popularization of off-plan properties.
Diversification of real estate segments with a wide range of options.
Increased business opportunities attracting investors and entrepreneurs.
High demand from buyers looking for homes or investment opportunities.

A record was recorded for transactions for off-plan properties, which amounted to nearly 69,000. 70% of transactions were in 10 prestigious areas of Dubai such as Al Barsha South, Wadi Al Safa, Downtown Dubai, Dubai Marina and Jumeirah Village Circle.

The luxury housing sector continues to grow and Dubai is among the most sought-after locations for luxury real estate investment globally. Sales of apartments priced over UAE Dh36.5 million (US$10 million) increased by 92.4%, with a total transaction value of UAE Dh28 billion (US$7.6 billion).

Prices in the surveyed market also increased, rising by around 14% compared to pre-pandemic levels. A square meter in Dubai in November 2023 cost almost 14,000 UAE dirhams (US$3,800), surpassing the record level of 2014.

Trends were noticed in the sales sector:

up to 21% increase in the value of homes in upscale neighborhoods;
budget options are most popular in International City, Dubai Residence Complex and Dubailand;
medium-budget apartments in The Springs, Jumeirah Village Circle, Al Furjan, Dubai Silicon Oasis increased in price by 3%;
high yield (11%) was recorded in DIP, Liwan and Discovery Gardens.

Experts attribute this price growth to the key factors: the influx of foreign citizens and high buyer demand from wealthy investors. The growing popularity of the Emirates as a place to live, work and invest, as well as a stable economy are the key drivers of this sector.

Let us highlight the trends in the rental sector:

budget options in the sought-after neighborhoods of Al Nahda and Deira rose in price by up to 17%, as did mid-budget options in VC and Bur Dubai;
Dubai Marina, Business Bay and Dubai Hills Estate are particularly popular in the premium segment, with the price of apartments rising by up to 21% and villas by up to 38%;
demand in the market still exceeds supply.

The positive trend in housing sales and rentals is expected to continue into 2024. This is supported by long-term investments in infrastructure, sustained demand for housing and a favorable economic environment.

Investors and buyers can expect continued price growth as Dubai strives to become a leading global business hub. The luxury real estate segment is expected to further strengthen and expand as affluent buyers continue to seek luxury homes in a safe and prosperous environment.

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Personal Data Processing Policy.

1. General provisions This personal data processing policy is compiled in accordance with the requirements of Federal Law No. 152-FZ of 27.07.2006 "On Personal Data" (hereinafter referred to as the Personal Data Law) and defines the procedure for processing personal data and measures to ensure the security of personal data taken by Mikhailov Ivan Sergeevich (hereinafter referred to as the Operator).

1.1. The Operator sets as its most important goal and condition for the implementation of its activities the observance of the rights and freedoms of man and citizen in the processing of his personal data, including the protection of the rights to privacy, personal and family secrets.

1.2. This Operators policy regarding the processing of personal data (hereinafter referred to as the Policy) applies to all information that the Operator can receive about website visitors https://make-biz.com /.

2. Basic concepts used in Politics

2.1. Automated processing of personal data — processing of personal data using computer technology.

2.2. Blocking of personal data — temporary termination of the processing of personal data (except in cases where processing is necessary to clarify personal data).

2.3. Website - a set of graphic and informational materials, as well as computer programs and databases that ensure their availability on the Internet at a network address https://make-biz.com /.

2.4. Personal data information system — a set of personal data contained in databases and information technologies and technical means that ensure their processing.

2.5. Depersonalization of personal data — actions as a result of which it is impossible to determine, without the use of additional information, the ownership of personal data to a specific User or other subject of personal data.

2.6. Processing of personal data — any action (operation) or a set of actions (operations) performed with or without the use of automation tools with personal data, including collection, recording, systematization, accumulation, storage, clarification (updating, modification), extraction, use, transfer (distribution, provision, access), depersonalization, blocking, deletion, destruction of personal data.

2.7. Operator — a state body, municipal body, legal entity or individual, independently or jointly with other persons organizing and/or processing personal data, as well as determining the purposes of processing personal data, the composition of personal data to be processed, actions (operations) performed with personal data.

2.8. Personal data — any information related directly or indirectly to a specific or identifiable User of the Website https://make-biz.com /.

2.9. Personal data authorized by the subject of personal data for distribution — personal data to which an unlimited number of persons have access by the subject of personal data by giving consent to the processing of personal data authorized by the subject of personal data for distribution in accordance with the procedure provided for by the Law on Personal Data (hereinafter — personal data authorized for distribution).

2.10. User — any visitor to the website https://make-biz.com /.

2.11. Provision of personal data — actions aimed at disclosure of personal data to a certain person or a certain circle of persons.

2.12. Dissemination of personal data — any actions aimed at disclosure of personal data to an indefinite circle of persons (transfer of personal data) or familiarization with personal data of an unlimited circle of persons, including the publication of personal data in the media, placement in information and telecommunications networks or providing access to personal data to anyor in another way.

2.13. Cross—border transfer of personal data is the transfer of personal data to the territory of a foreign state to the authority of a foreign state, a foreign individual or a foreign legal entity.

2.14. Destruction of personal data — any actions as a result of which personal data is permanently destroyed with the impossibility of further restoration of the content of personal data in the personal data information system and/or the material carriers of personal data are destroyed.

3. Basic rights and obligations of the Operator

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3.2. The operator is obliged to: — provide the subject of personal data at his request with information concerning the processing of his personal data; — organize the processing of personal data in accordance with the procedure established by the current legislation of the Russian Federation; — respond to requests and requests of personal data subjects and their legal representatives in accordance with the requirements of the Law on Personal Data; — report to the authorized body the body for the protection of the rights of personal data subjects at the request of this body, the necessary information within 10 days from the date of receipt of such a request; — to publish or otherwise provide unrestricted access to this Policy regarding the processing of personal data; — to take legal, organizational and technical measures to protect personal data from unauthorized or accidental access to them, destruction, modification, blocking, copying, provision, dissemination of personal data, as well as from other illegal actions in relation to personal data data; — stop the transfer (distribution, provision, access) of personal data, stop processing and destroy personal data in the manner and cases provided for by the Law on Personal Data; — perform other duties provided for by the Law on Personal Data.

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4.1. Personal data subjects have the right to: — receive information concerning the processing of their personal data, except in cases provided for by federal laws. The information is provided to the personal data subject by the Operator in an accessible form, and it should not contain personal data related to other personal data subjects, except in cases where there are legitimate grounds for disclosure of such personal data. The list of information and the procedure for obtaining it is established by the Law on Personal Data; — to require the operator to clarify his personal data, block or destroy them if the personal data is incomplete, outdated, inaccurate, illegally obtained or not necessary for the stated purpose of processing, as well as to take measures provided by law to protect their rights; — to put forward the condition of prior consent when processing personal data in order to promote in the market of goods, works and services; — to withdraw consent to the processing of personal data, as well as to send a request to terminate the processing of personal data; — to appeal to the authorized body for the protection of the rights of personal data subjects or in court against illegal actions or inaction of the Operator during the processing of his personal data; — to exercise other rights provided for by the legislation of the Russian Federation.

4.2. The subjects of personal data are obliged to: — provide the Operator with reliable data about themselves; — inform the Operator about the clarification (updating, modification) of their personal data.

4.3. Persons who have provided the Operator with false information about themselves or information about another personal data subject without the latters consent are liable in accordance with the legislation of the Russian Federation.

5. Principles of personal data processing

5.1. The processing of personal data is carried out on a legal and fair basis.

5.2. The processing of personal data is limited to the achievement of specific, predetermined and legitimate goals. Processing of personal data incompatible with the purposes of personal data collection is not allowed.

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5.6. When processing personal data, the accuracy of personal data, their sufficiency, and, if necessary, relevance to the purposes of personal data processing is ensured. The Operator takes the necessary measures and/or ensures that they are taken to delete or clarify incomplete or inaccurate data.