01 November2023, Gulf News
Dubai’s real estate market experienced significant growth in the first nine months of 2023, with a 36.7 percent increase in transaction value and a 33.8 percent rise in the number of transactions compared to the same period in 2022. The Dubai Land Department reported 116,116 real estate transactions valued at Dh429.67 billion during this period, attributing this growth to the city’s global reputation, robust infrastructure, and the commitment of its leadership to development.
Real estate investments also saw steady growth, with 81,669 investors registering 109,186 investments totaling Dh278.7 billion. This marked a 50.3 percent increase in value, a 33.3 percent rise in the number of investments, and a 37.4 percent increase in the number of investors, driven by the Dubai Land Department’s strategic efforts to enhance the city’s status as a global real estate investment destination.
“Dubai’s real estate sector has set a global example for growth and excellence as well as played a vital role in propelling the national economy forward and driving comprehensive development efforts aimed at raising the emirate’s status as a leading economic powerhouse,” said Sultan Butti bin Mejren, Director General of Dubai Land Department.
The report also highlighted the increasing involvement of women in real estate investments, with 27,120 women making 32,557 investments worth Dh62.38 billion, representing significant growth in both investment value and the number of female investors.
The top areas for real estate transactions included Al Barsha South Fourth, Dubai Marina, and Business Bay. Dubai Marina led in terms of transactional value, followed by Palm Jumeirah and Jebel Ali Industrial First. In terms of mortgages, Dubai Marina had the highest number of transactions, while Jebel Ali First led in mortgage value.