09 February 2024, Middle East Economy
The Dubai Land Department (DLD) has achieved an unprecedented milestone, marking a significant surge in transactions in 2023. With a record-breaking 1.6 million transactions across various real estate activities ranging from real estate transactions to rental agreements in 2023, DLD recorded a remarkable growth of 16.9 percent compared to the previous year. This underscores Dubai’s resilience and dynamism in the real estate market.
Marwan Bin Ghalita, acting director general of the DLD, highlighted the department’s unwavering commitment to bolstering Dubai’s position as a global economic powerhouse.
In a statement, Bin Ghalita unveiled the record-breaking figures, indicating that DLD’s real estate transactions surpassed AED634 billion ($172.62 billion), with over 166,400 transactions in 2023. This represents a 20 percent increase in value and a remarkable 36 percent surge in the number of DLD’s transactions compared to 2022.
Moreover, real estate investments demonstrated exceptional performance, with their value soaring by 55 percent to approximately AED412 billion. The influx of 71,002 new investors accounted for 157,798 investments. This reflects a 20 percent increase, with non-resident investors constituting 42 percent of the total new investors.
Bin Ghalita emphasized that the DLD’s record-breaking transactions underscore Dubai’s economic excellence. Moreover, they reflect the DLD’s strategic vision which aims to position Dubai as a global leader in attracting real estate investment. He also reiterated the department’s commitment to supporting the ambitious goals of the Dubai Economic Agenda D33. This includes the aspiration to rank among the top three urban economies worldwide.
Bin Ghalita also affirmed the DLD’s dedication to fostering continued growth and development in Dubai’s real estate sector. He emphasized that such efforts would not only bolster the local economy but also enhance the sector’s attractiveness to both local and global investors.
Diverse investor landscape
The DLD’s transactions reveal a diverse investor landscape in Dubai’s real estate sector, with significant contributions from Gulf, Arab, and foreign investors. Gulf investors accounted for AED30.75 billion. Meanwhile, Arab investors injected over AED29.23 billion into the sector. Foreign investors, on the other hand, contributed AED276.28 billion, highlighting Dubai’s appeal as a global investment destination.
Furthermore, the growing presence of women in the real estate sector is evident, with the number of female investors reaching 38,059 in 2023. Their contributions, totaling AED90.5 billion across 46,725 investments, mark a substantial increase compared to 2023.
The record-breaking transactions the DLD achieved underscore renewed optimism and confidence in Dubai’s economic landscape. With diverse and attractive investment options, the sector continues to inspire both local and foreign investors. The DLD remains steadfast in its commitment to enabling the real estate community through seamless services, effective legislation, integrated data partnerships, leading digital infrastructure, and empowered human capital. These efforts align with the department’s strategic goals of ensuring the future readiness and sustainability of the real estate sector.