Dubai: The Dubai real sector recorded a total transaction value of Dh157 billion in Q1-2023, an 80 per cent increase from the same period in 2022. The sector had recorded annual transactions worth a total of Dh528 billion in the year 2022.
“Dubai’s real estate sector is one of the key drivers of economic growth and a major factor in maintaining Dubai’s position in the global economy,” said Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE. “As one of the most important pillars of the economy, the sector is a vital contributor to the emirate’s efforts to achieve the goals of the Dubai Economic Agenda D33.”
“We remain committed to further raising the investment attractiveness of Dubai’s real estate sector and its emergence as one of the world’s pre-eminent real estate investment destinations,” he added.
Dubai’s real estate sector maintained its high growth momentum in the quarter ending March 31, recording 38,700 transactions worth Dh157 billion, 49 per cent increase in volume from Q1-2022, which saw 26,000 transactions worth Dh87 billion. The growth supports the objectives of the Dubai Economic Agenda D33, announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, to increase private sector investments and place Dubai at the forefront of global cities.
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Key measures undertaken by the Dubai Land Department to ensure the sustainable growth of the sector helped achieve real estate sales worth Dh89 billion in Q1 2023, a 62 per cent increase from the same period in 2022 that saw sales worth Dh55 billion. The number of new investors entering the emirate’s real estate market in Q1-2023 rose to 13,338, a 12 per cent growth from Q1-2022. Non-resident investors accounted for 45 per cent of total acquisitions, an increase of 25 per cent.
“We are strongly committed to the comprehensive development of the sector as part of our efforts to ensure Dubai reinforces its position as one of the world’s best real estate investment destinations,” said Sultan Butti bin Mejren, Director-General of the Dubai Land Department.