08 February 2024, WAM
The Dubai Land Department (DLD) has achieved an all-time high of 1.6 million transactions across various real estate activities ranging from real estate transactions to rental agreements in 2023. This represents a remarkable growth of 16.9 per cent compared to 2022, which accounted for approximately 1.368 million transactions.
Announcing details of the record-breaking performance, Marwan Bin Ghalita, Acting Director General of the DLD, emphasised the department’s renewed commitment to supporting the goal of the emirate and the UAE to build the world’s most active economy.
Bin Ghalita said, “The value of real estate transactions exceeded Dhs634 billion with the number of transactions reaching over 166,400 real estate transactions in 2023. This marked a growth of 20 per cent in value and 36 per cent in terms of the number of transactions compared to 2022. Real estate investments also showcased exceptional performance, with their value growing by 55 per cent during the same period, reaching approximately Dhs412 billion. There were 157,798 investments attributed to 113,655 owners, including 71,002 new investors, indicating a 20 per cent increase. Additionally, the percentage of non-resident investors rose to constitute 42 per cent of the total new investors.
The record-breaking results indicate the strength and versatility of Dubai’s economic performance, Bin Ghalita stressed. The impressive performance also reflects the commitment of the Dubai Land Department to further its strategic vision aimed at achieving the status of a world leader in attracting real estate investment. He added that the outstanding performance of the real estate sector will serve to support and drive the ambitious goals of the Dubai Economic Agenda, D33. His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the ambitious goals of the D33, including Dubai’s aspiration to secure a position among the top three urban economies of the world.
Bin Ghalita expressed his pride in the results achieved over 2023 and affirmed the DLD’s commitment to support the sector’s continued growth and development in the coming years. Such efforts, he said, would contribute to strengthening the local economy and enhancing the sector’s own attractiveness, besides attracting local and global investors given the emirate’s manifold investment advantages and advanced infrastructure on par with the highest global standards.
According to the annual figures released by DLD, 7,449 Gulf investors accounted for 10,441 investments valued at Dhs30.75 billion. Arab investors added up to 13,248, injecting over Dhs29.23 billion into 17,047 investments. Foreign investors contributed Dhs276.28 billion with 90,753 of them buying into 122,937 investments.
Women continue to make their presence increasingly felt in the real estate sector in Dubai. In 2023, the number of female investors reached 38,059 and they brought in Dhs90.5 billion across 46,725 investments. This marks a growth of 53.9 per cent in terms of value, 42.5 per cent in the number of female investors, and 39.8 per cent in the number of investments compared to 2022.
The results highlight the renewed optimism around the real estate sector in Dubai and its prospects for sustained growth, offering diverse and attractive investment options while continuing to inspire confidence among both local and foreign investors. Dubai Land Department, for its part, is committed to enabling the real estate community by providing seamless real estate services, effective legislation, integrated data through partnerships, leading digital infrastructure, and empowered human capital. This endeavour contributes to achieving DLD’s strategic goals, foremost among which are the future readiness and sustainability of the real estate sector.
A week earlier, Dubai real estate market recorded 530 sales transactions worth Dhs2.35 billion, in addition to 135 mortgage deals of Dhs564.27 million, and 55 gift deals amounting to Dhs180.68 million, data released by the Dubai Land Department (DLD) showed.
The sales included 494 villas and apartments worth Dhs1.15 billion, and 36 land plots worth Dhs1.2 billion, while mortgages included 114 villas and apartments worth Dhs284.27 million and 21 land plots valued at Dhs280 million, bringing the total realty transactions of today to over Dhs3 billion.
Dubai’s real estate market recorded 510 sales transactions worth Dhs1.36 billion recently, in addition to 210 mortgage deals totalling Dhs1.95 billion, and 30 gift deals amounting to Dhs165.56 million, data released by Dubai’s Land Department (DLD) showed. Totally Dubai logs over Dhs3.4 billion in realty transactions on Tuesday.
The sales included 446 villas and apartments worth Dhs949.04 million, and 64 land plots worth Dhs411.67 million.
The mortgages included 188 villas and apartments worth Dhs1.71 billion and 22 land plots valued at Dhs236.22 million, bringing the total realty transactions of today to over Dhs3.4 billion.
Dubai real estate market recorded 715 sales transactions worth Dhs2.28 billion, in addition to 201 mortgage deals of Dhs993.9 million, and 30 gift deals amounting to Dhs76.3 million on Monday, data released by Dubai’s Land Department (DLD) showed.