The Dubai Land Department issued a total of 9,047 real estate permits and 6,479 real estate licences in 2022, a growth of 46.6 per cent and 53 per cent, respectively, compared to 2021 levels, data showed.
The high growth in permits and licences reflects the growing demand from real estate investors across the world driven by Dubai’s strong growth outlook and the prospects of high returns in the local market.
Maintaining its exponential growth trajectory, Dubai’s real estate sector witnessed transactions worth a record Dh528 billion in the past year, a 76.5 per cent increase from 2021. The remarkable performance of the sector supports the goals of the Dubai Economic Agenda D33 launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to double the size of the emirate’s economy by 2033 and consolidate its status as one of the world’s top three cities.
The highest number of DLD permits were issued for online ads (7,947 permits), followed by classified ads (180), outdoor advertisements (164), vehicle advertisements (140), billboards (138), open-day announcements (95), text messages (84), real estate promotion platforms (75), printed advertisements (50), and project launch ceremonies (38). Permits were also issued for real estate seminars, promotional campaigns, real estate exhibitions, advertisements and newspapers, among others.
The highest number of DLD licences were issued to brokerages buying and selling real estate (2,308), followed by real estate leasing brokerages (1,570), transaction follow-up services (1,273), administrative supervision services for real estate (491), buying and selling land and real estate (299), real estate development (161), and commercial complexes (117). Other key categories in which licences were issued included jointly-owned property management services, mortgage brokers and shopping centres, among others.