Team Blitz India
Real estate has hit the roof in Dubai. The Dubai Land Department (DLD) achieved an all-time high of 1.6 million transactions across various real estate activities. These include real estate transactions to rental agreements in 2023. There has been a remarkable growth of 16.9 per cent compared to 2022, which accounted for approximately 1.368 million transactions. It’s an unprecedented growth across any country in the Middle East.
Announcing the 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 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 nonresident investors rose to constitute 42 per cent of the total new investors,” he added. 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.