RIYADH: Dubai’s residential sector is on track to record its busiest year yet as the number of property transactions hit its highest half-yearly transactions ever, according to a new report. Released by global real estate service provider Savills, the report revealed that transactions surged 44 percent in the first half of 2023 compared to a year earlier to reach 57,700. The split was 46,100 apartments and 11,600 villas sold during the period, the report indicated. “Historically, the summer months in the UAE have been known to be slow as many residents travel during the school break,” said Swapnil Pillai, associate director, Middle East research at Savills. He added: “However, this trend seems to be changing in recent times as Dubai property continues to find favor among residents and international audiences looking for stability amid an uncertain economic environment.” In fact, when compared to the five-year average, activity levels are up by 209 percent in the current period, the report showed. “While it is still early to comment on the overall take-up during the usually slow summer period, early indicators suggest that market activity is likely to remain strong,” Pillai said. According to the report, villas and townhouses are the most sought-after development type in the emirate. Rents across more developed and recognized locations such as employment hubs, retail, and support infrastructure have seen double-digit price growth compared to the corresponding period in 2022. Furthermore, the report showed that there are up to 50,000 residential units proposed for completion by the end of the year. Apartments constitute as much as 77 percent of the upcoming supply for the remainder of 2023, the report showed. In December, the UAE’s Dubai Land Department launched a strategic plan which aims to position the emirate as a world leader in the real estate investments sector. According to a report published by the news agency WAM at the time, the primary mission of the strategic plan was to provide seamless real estate services in Dubai, along with implementing effective legislation and providing the necessary human capital for the sector to grow and evolve. The report also indicated that the strategy, which will be implemented until 2026, also aims to increase the contribution of the real estate sector to the emirate’s gross domestic product, which will in turn play a crucial role in helping Dubai to become one of the most developed economies in the world.