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Dubai / WAM
Dubai’s real estate sector ended another exceptional year with annual transactions setting new records, marking the sector as a major contributor to the goals of the Dubai Economic Agenda D33 announced recently by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
The agenda outlines ambitious economic goals including doubling the size of Dubai’s economy over the next decade and consolidating its position as one of the world’s top three cities.
Dubai’s annual real estate transactions crossed the AED500 billion milestone for the first time with 122,658 real estate transactions in 2022, valued at AED528 billion. The past year also saw the completion of 55 real estate projects worth AED11.9 billion, a growth of 57 percent and 8 percent in value.
A total of 350 real estate projects are currently being developed, reinforcing Dubai’s status as one of the world’s leading real estate investment destinations.
The record results also signify the sector’s ability to maintain sustainable high growth, and the exceptional governance it has maintained under the directives of the leadership.
The Dubai Land Department (DLD) has worked to enhance the real estate investment environment by providing seamless services, introducing supportive regulations, fostering a digital ecosystem, consolidating various sources of data through partnerships and raising the capabilities of its human resources to maintain the highest levels of service excellence. Driven by close cooperation between public and private stakeholders, the sector is set to achieve greater growth in the future.
Dubai remains one of the world’s most attractive destinations for real estate investments in terms of quality, sustainable growth and return on investment due to its growing profile as one of the best metropolises to live and work, its exceptional infrastructure and supportive regulations and the growing confidence of global investors. The real estate projects in Dubai have been designed to meet growing demand and diverse preferences in the global market.
The number of real estate developers registered in DLD’s database in 2022 reached 140, while the number of registered real estate brokers reached 12,989. A total of 5,703 new brokers registered in the emirate in 2022 contributed to 24,824 procedures, representing a value of AED5.33 billion.
The number of registered real estate brokerage offices reached 1,391, while 78 real estate evaluators were registered with DLD, 12 of whom were new. The number of registered real estate valuation offices reached 42, including two new offices, while the number of real estate offices reached 2,704.