STOCK Dubai skyline / Burj Khalifa / Downtown Dubai
The Dubai Land Department witnessed a growth of 16.9 per cent in property transactions in 2023, compared to last year. Image Credit: X/Dubai Media Office

With an all-time high of 1.6 million transactions across various real estate activities ranging from real estate transactions to rental agreements in 2023, the Dubai Land Department witnessed a growth of 16.9 per cent this year, compared to 2022.

Marwan Bin Ghalita, Acting Director General of the Dubai Land Department (DLD), said: “The value of real estate transactions exceeded Dh634 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 Dh412 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 non-resident investors rose to constitute 42 per cent of the total new investors."

According to the annual figures released by DLD, 7,449 Gulf investors accounted for 10,441 investments valued at Dh30.75 billion. Arab investors added up to 13,248, injecting over Dh29.23 billion into 17,047 investments. Foreign investors contributed Dh276.28 billion with 90,753 of them buying into 122,937 investments.