Dubai’s real estate transaction volume in the first three quarters reached nearly US$120 billion, which strongly promoted the transformation of the local economy
2023-11-01 11:02:27
Financial News Agency, November 1 (Internship Editor Gao Jianing) Data from the Dubai Land Department (DLD) shows that in the first nine months of this year, Dubai’s real estate industry reached 116,116 transactions, with a transaction volume of 429.67 billion dirhams (approximately 1,169 billion), a year-on-year increase of 36.7%.
At the same time, real estate investment in Dubai also increased steadily in the first three quarters, with total investment reaching 278.7 billion dirhams, a year-on-year increase of 50.3%. Among them, the number of investments increased by 33.3% year-on-year to 109,186, and the number of investors increased by 37.4% simultaneously, reaching 81,669.
In line with the strategic vision announced by DLD, Dubai is striving to enhance Dubai’s status as a leading global real estate investment destination through initiatives such as providing active real estate services, integrating data, adding partners and establishing world-class digital infrastructure.
In July this year, the Dubai real estate industry achieved its largest ever monthly sales, with a total of 11,103 transactions with a total value of AED 37.5 billion (approximately US$10.2 billion).
Knight Frank released a report in October this year stating that Dubai’s real estate market will continue to grow, with an expected growth of 15% in 2023 and expected to double in the next 10 years.
Sultan Butti bin Mejren, Director-General of DLD, emphasized that Dubai’s real estate industry continues to perform positively and is playing an important role in promoting the diversified development of Dubai’s economy.
He pointed out that Dubai continues to provide its residents with high quality of life and world-class services, raising the service and quality benchmarks in the real estate industry, thereby increasing Dubai’s attractiveness to global investors and becoming a model for advanced cities in the world.
At the end of September this year, Palm Jebel Ali just opened its first batch of off-plan villas for sale, with prices starting at 18 million dirhams (approximately US$4.9 million).
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2023-11-01 03:02:27
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