Wednesday, January 18, 2023 – 4:52 PM
Real estate deals exceeded 528 billion for the first time in the history of the emirate.
The completion of 55 new real estate projects in Dubai, worth 11.9 billion dirhams, during 2022.
– The exceptional performance of the real estate sector reflects the extent of confidence in Dubai’s economy and supports its future directions and the objectives of its D33 economic agenda.
The strong growth rates of real estate investment in Dubai highlight the high levels of safety and stability of its investment environment.
A remarkable growth in the number of real estate projects completed last year by 57% compared to 2021.
– 350 real estate projects are underway in the emirate… and the number of new real estate developers in 2022 has reached 140.
DUBAI, 18th January, 2020 (WAM) — The real estate sector in the Emirate of Dubai ended an exceptional year during which it witnessed a strong performance with record results that are a major support for the emirate’s future directions, embodied in its D33 economic agenda, announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE. The ruler of Dubai, may God bless him, recently announced ambitious economic goals, foremost of which is doubling the size of Dubai’s economy during the next decade, up to 2033, and consolidating its position among the top 3 economic cities around the world.
And at a time when the value of real estate transactions in Dubai exceeded 528 billion dirhams for the first time, after recording 122,658 real estate transactions during the year 2022; The emirate witnessed the completion of 55 real estate projects worth 11.9 billion dirhams, with a growth of 57% in terms of the number of completed projects, and 8% in terms of value, while the number of real estate projects under completion reached 350 projects.
These results confirm Dubai’s leadership as a first global destination for real estate investment, and highlight the sector’s readiness and sustainability, and the effective governance that characterizes it, while the Dubai Land Department adopts an approach that contributes to empowering the real estate community through easy proactive real estate services, integrated legislation and data, effective partnerships and digital infrastructure. A pioneer and qualified human cadre, which is reflected in the record and unprecedented results achieved by the sector year after year, in order to enhance Dubai’s distinguished position in terms of real estate investment regionally and internationally.
Dubai is witnessing increasing interest from investors from within the country and from around the world, in confirmation of the advanced extent of confidence that Dubai enjoys in the global investment community, in light of the growth and sustainability of its economy and the highest levels of safety in its investment environment. And stability, as well as the vitality of the real estate sector and its future prospects, at a time when the completed real estate projects meet the growing demand in the real estate market, and are in line with the aspirations of investors of various nationalities.
Data from the Dubai Land Department shows that the number of new real estate developers last year reached 140 real estate developers, while the number of registered real estate brokers reached 12,989, including 5,703 new brokers, who contributed to 24,824 procedures, with a value of 5.33 billion dirhams.
The number of real estate brokers’ offices registered with the department has reached 1,391 offices, while the number of real estate evaluators registered with it has reached 78, of whom 12 are new. The number of registered real estate appraisal offices has reached 42, including two new offices, while the number of real estate offices has reached 2,704 offices.
Abdel Nasser Menem
