Dubai / WAM
The Dubai Land Department (DLD) has issued a total of 9,047 real estate permits and 6,479 real estate licences in 2022, showing a growth of 46.6 percent and 53 percent respectively from the previous year.
The high demand from real estate investors is attributed to Dubai’s strong growth outlook and potential for high returns in the local market. The sector also saw a record AED528 billion in transactions in the past year, a 76.5 percent increase from 2021.
These numbers support the goals of the Dubai Economic Agenda D33, which aims to double the size of Dubai’s economy by 2033. The DLD reported that the highest number of permits issued in 2022 were for online ads, with a total of 7,947 permits issued.
Permits for classified ads came in second (180), followed by outdoor advertisements (164), vehicle advertisements (140), billboards (138), open-day announcements (95), text messages (84), real estate promotion platforms (75), printed advertisements (50), and project launch ceremonies (38). The DLD also issued permits for various other activities related to real estate marketing, such as seminars, promotional campaigns, exhibitions, and newspaper advertisements.
The DLD reported that the highest number of licences issued in 2022 were to brokerages that buy and sell real estate, with a total of 2,308 licences issued. Real estate leasing brokerages came in second (1,570), followed by transaction follow-up services (1,273), administrative supervision services for real estate (491), buying and selling land and real estate (299), real estate development (161), and commercial complexes (117). Other key categories for which licences were issued included jointly-owned property management services, mortgage brokers, and shopping centres among others.
The DLD has worked to enhance the local market by providing seamless services, introducing supportive regulations, fostering a digital ecosystem, consolidating various sources of data, and raising the capabilities of its human resources