Deloitte reports record real estate transaction levels in Dubai: Sales prices up 18% and rents up 26% in 2023

• The Emirate preserves its status as a safe haven for investors, amidst geopolitical and economic headwinds in other global investment markets
• The average occupancy rate for Dubai hotels stood at 77% in 2023 and the number of international visitors surpassed pre-pandemic levels

Dubai, United Arab Emirates, February 28, 2024 – Theleading global professional services firm, Deloitte, released its annual Real Estate Report for the year 2023, reflecting on the robust performance of Dubai across all market sectors.

The residential market in Dubai has experienced remarkable growth in 2023, with sales prices increasing by 18% and rental rates soaring by 26% over the previous year. The market continues to be dominated by cash buyers, and demand for affordable villas and townhouses has fueled rental activity in this segment. Villa price growth has outpaced prices for apartments, while rent increase has moved in tandem. This trend is expected to persist in 2024, although the rate of growth may stabilize as new supply enters the market.

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