Dubai Witnesses Record-Breaking $173 Billion in Real Estate Transactions in 2023
Dubai experienced a significant surge in real estate transactions, reaching nearly $173 billion in 2023, marking an all-time high for the emirate.
The Dubai Land Department (DLD) reported a remarkable achievement with 1.6 million transactions encompassing various real estate activities, including transactions and rental agreements, throughout the year. This represents a notable growth of 16.9% compared to the previous year, which saw approximately 1.368 million transactions.
Marwan bin Ghalita, Acting Director General of the DLD, underscored the department’s commitment to supporting Dubai and the UAE’s ambition to establish the world’s most dynamic economy.
Bin Ghalita stated: “Real estate transactions exceeded AED 634 billion ($172.6 billion) with over 166,400 transactions recorded in 2023. This reflects a 20% growth in value and a 36% increase in the number of transactions compared to 2022.”
He further highlighted the exceptional performance of real estate investments, which saw a remarkable 55% growth, totaling approximately AED 412 billion ($112.2 billion). The investments involved 157,798 transactions attributed to 113,655 owners, including 71,002 new investors, indicating a 20% increase.
Moreover, the percentage of non-resident investors surged, constituting 42% of the total new investors, reflecting heightened interest from international markets in Dubai’s real estate sector.
The record-breaking achievements underscore Dubai’s robust economic performance and its adaptability to diverse market conditions, Bin Ghalita emphasized.
The outstanding results also highlight the Dubai Land Department’s dedication to advancing its strategic vision, aimed at positioning Dubai as a global leader in real estate investment attraction.
Bin Ghalita further noted that the exceptional performance of the real estate sector aligns with the ambitious objectives outlined in Dubai’s Economic Agenda, D33. These goals, articulated by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, include Dubai’s aim to rank among the top three urban economies globally.
Expressing pride in the achievements of 2023, Bin Ghalita reaffirmed the DLD’s unwavering commitment to nurturing sustained growth and advancement within the sector in the years ahead.
He emphasized that such endeavors would not only bolster the local economy but also enhance the sector’s allure, positioning Dubai as a premier destination for both local and international investors. Dubai’s manifold investment advantages and state-of-the-art infrastructure, benchmarked against global standards, further elevate its appeal to investors worldwide.
According to the latest annual figures released by DLD, Gulf investors made 10,441 investments valued at AED30.75 billion ($8.4 billion), with 7,449 investors contributing to this sum.
Arab investors, on the other hand, accounted for 13,248 investors and injected over AED29.23 billion ($8 billion) into 17,047 investments.
Foreign investors were significant contributors, totaling AED276.28 billion ($75.2 billion) across 122,937 investments, showcasing robust interest in Dubai’s real estate market.
In a noteworthy trend, women are increasingly asserting their presence in Dubai’s real estate sector. In 2023, the number of female investors reached 38,059, channeling AED90.5 billion ($24.6 billion) across 46,725 investments. This reflects a significant surge of 53.9% in value, 42.5% in the number of female investors, and 39.8% in the number of investments compared to 2022.
These results underscore the growing optimism surrounding Dubai’s real estate sector, signaling prospects for sustained growth. The sector continues to offer diverse and attractive investment opportunities, fostering confidence among both local and foreign investors alike.
Dubai Land Department
The Dubai Land Department is steadfast in its commitment to empowering the real estate community through streamlined services, robust legislation, comprehensive data partnerships, cutting-edge digital infrastructure, and a skilled workforce.
These efforts are geared towards realizing DLD’s strategic objectives, which prioritize the future readiness and sustainability of the real estate sector.