In a remarkable display of the Dubai property frenzy, hundreds of prospective buyers queued overnight outside the office of a developer in Dubai, vying for the opportunity to purchase luxurious waterfront properties.
This scene is just a glimpse of the booming Dubai real estate market.
Over the past few years, Dubai has witnessed a surge in demand for real estate due to an influx of people from around the world.
This surge has helped the city overcome years of stagnation, with property prices continuing to soar despite mortgage rates hovering at their highest levels in two decades.
The momentum of this robust market is evident in the rapid sell-out of newly launched developments, some of which have seen properties snapped up almost instantly. For instance, Nakheel, renowned for its development of Dubai's Palm Jumeirah, witnessed buyers queuing in sweltering 38-degree Celsius heat to secure homes valued at $5 million in one of its new projects. Such high demand has even necessitated police presence to maintain order at the sales site.
According to data from the Dubai Land Department (DLD), in 2023, Dubai's real estate transactions amounted to nearly AED 634 billion (USD 173 billion), with 1.6 million transactions recorded, marking a historic high for Dubai and representing a 16.9% increase from 2022.
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