Record breaking year for Dubai Real Estate
The Dubai real estate market has ended another successful year, with record-breaking annual transactions that have cemented its position as a significant contributor to the objectives outlined in the recently-unveiled Dubai Economic Agenda D33. The D33 Agenda, announced by Vice President and Prime Minister of the UAE, HH Sheikh Mohammed bin Rashid Al Maktoum, sets ambitious goals for the city, including growing Dubai's economy by twofold over the next decade and solidifying its place as one of the top three cities in the world.
According to data from the Dubai Land Department (DLD), the value of real estate transactions in Dubai exceeded $136.2 billion (AED500 billion) for the first time, with 122,658 transactions valued at $43.8 billion (AED528 billion) in 2022. Additionally, 55 real estate projects worth $3.2 billion (AED11.9 billion) were completed, marking a growth of 57% and 8% in value.
Currently, 350 Dubai real estate projects are under construction, further solidifying the emirate's reputation as a premier destination for real estate investment. The DLD attributes the sector's sustainable high growth and exceptional governance to the close collaboration between public and private partners, as well as the department's efforts to improve the real estate investment environment through seamless services, helpful regulations, a digital ecosystem, data partnerships, and human resources development.
With its expanding reputation as a top location to live and work, supportive regulations, and growing international investor confidence, Dubai continues to be a prime location for real estate investment in terms of quality, sustainable growth, and return on investment.