21 April 2023, Arab News
Dubai’s real estate sector recorded an 80 percent increase in transaction value to 157 billion dirhams ($42.7 billion) in the first quarter of 2023 compared to 80 billion dirhams during the same period last year, reported a recent government report.
According to the Dubai Media Office, the real estate transactions increased 49 percent to 38,700 from 26,000 in the year-ago period.
The report further stated that in 2022 the industry generated annual transactions of 528 billion dirhams, a 44.7 percent increase in volume and a 76.5 percent increase in value compared to 2021.
“Dubai’s real estate sector is one of the key drivers of economic growth and a major factor in maintaining Dubai’s position in the global economy,” said Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, deputy ruler of Dubai, deputy prime minister and minister of Finance of the UAE, in the statement.
“The growth supports the objectives of the Dubai Economic Agenda D33, to increase private sector investments and place Dubai at the forefront of global cities,” he added.
Additionally, the number of new investors entering the emirate’s real estate market in the first quarter of 2023 rose to 13,338, a 12 percent growth over the first quarter of 2022.
Non-resident investors accounted for 45 percent of total acquisitions, the report stated.