The Acting Director General of the Dubai Land Department confirmed: Engineer Marwan bin Ghalita said that DLD continues its commitment to supporting Dubai’s visions and directions to build the best and most active economy in the world, and to consolidate its position on the international real estate map. During the past year, the department recorded a record performance, the highest ever in its history, in terms of total real estate transactions (including real estate transactions and rental transactions), which touched 1.6 million transactions, a growth of 16.9% compared to the year 2022, which recorded about 1,368 million transactions.
Bin Ghalita said: “The value of real estate transactions exceeded the barrier of 634 billion dirhams, with the number of transactions reaching more than 166.4 thousand real estate transactions during the year 2023, achieving a growth of 20% in value and 36% in number compared to 2022.”
He added, “Real estate investments also had an exceptional presence, as their value grew by 55% during the same period, reaching about 412 billion dirhams, with 157,798 investments, owned by 113,655 investors, including 71,002 new investors, an increase of 20%, while the percentage rose.” Non-resident investors constitute 42% of the total new investors.”
He stressed that these record results are an indication of the strength and flexibility of the economic performance in Dubai, in addition to the commitment of the Dubai Land Department to enhance its strategic vision aimed at achieving global leadership in real estate investment, indicating that this distinguished performance of the real estate sector constitutes a vital support and strong motivation towards achieving… The ambitious goals of the Dubai Economic Agenda “D33” include consolidating Dubai’s position among the top three economic cities in the world.
Bin Ghalita expressed his pride in the results achieved last year, stressing the department’s approach to working to support this growth and development in the sector during the coming years, to contribute to strengthening the local economy, increasing the attractiveness of the sector, and attracting local and international investors, due to its investment advantages and advanced infrastructure. In accordance with the highest international standards.
According to the results issued by Dubai Lands; Gulf investors acquired 10,441 investments worth 30.75 billion dirhams, owned by 7,449 investors, during the past year, while the number of Arab investors reached 13,248 investors who pumped more than 29.23 billion dirhams into 17,047 investments, while foreign investors pumped in a value of 276.28 billion dirhams. One billion dirhams in 122,937 investments owned by 90,753 foreign investors.
Women also continue to consolidate their position in the real estate sector in Dubai, as the number of female investors reached 38,59 women in the year 2023, who invested a value of 90.5 billion dirhams in 46,725 investments, with a growth of 53.9% in terms of value and 42.5% in terms of the number of female investors. And 39.8% in terms of the number of investments compared to 2022.
The positive results of the real estate sector in Dubai express an optimistic future outlook for the growth and development of the sector, as it continues to provide diverse and attractive investment options and opportunities, which reflects the growing confidence locally and globally, while DLD continues its pioneering approach in empowering the real estate community through proactive real estate services, legislation and integrated data. Effective partnerships, leading digital infrastructure, and qualified human cadre, which contributes to achieving its strategic objectives, most notably ensuring the sector’s readiness and sustainability.
2024-02-07 12:52:33
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