As many as 55 real estate projects worth Dh11.9 billion were completed in Dubai last year, it was announced on Wednesday, a growth of 57 per cent in number and 8 per cent in value.
A total of 350 real estate projects are currently being developed in the emirate, reinforcing Dubai’s status as one of the world’s leading real estate investment destinations.
Earlier this week, it was revealed that Dubai’s annual real estate transactions crossed the milestone of half a trillion dirhams for the first time in 2022. Maintaining its exponential growth trajectory, the sector witnessed transactions worth a record Dh528 billion in 2022, a 76.5 per cent increase from 2021.
The property sector’s strong performance makes it a major contributor to the goals of the Dubai Economic Agenda D33 announced recently by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The agenda outlines ambitious economic goals including doubling the size of Dubai’s economy over the next decade and consolidating its position as one of the world’s top three cities.
The number of real estate developers registered in the Dubai Land Department’s database in 2022 reached 140, while the number of registered real estate brokers reached 12,989. A total of 5,703 new brokers registered in the emirate in 2022 contributed to 24,824 procedures, representing a value of Dh5.33 billion. The number of registered real estate brokerage offices reached 1,391, while 78 real estate evaluators were registered with DLD, 12 of whom were new. The number of registered real estate valuation offices reached 42, including two new offices, while the number of real estate offices reached 2,704.