According to a statement from the Dubai Media Office, the Business Bay neighborhood had the most real estate transactions in Dubai last year, with 10,853 transactions. Dubai Marina (10,074), Al Barsha South 4 (7,338), Burj Khalifa (6,955), Al Merkadh (6,133), Al Hebiah 5 (5,868), Jebel Ali 1 (5,242), Hadaeq Sheikh Mohammed bin Rashid (4,777), Al Thanyah 5 (4,590), and Palm Jumeirah (4,183) were the other areas in the top 10 list of locations that recorded the highest number of transactions.
High levels of real estate transactions occurred in Dubai in 2022, encouraged by the promising outlook for long-term economic and real estate market expansion. Real estate transactions have increased significantly, according to Khaleej Times, which may be attributed to Dubai’s developing reputation as one of the best cities in which to live and work, its first-rate infrastructure, its friendly laws, as well as the excellent services offered by the Dubai Land Department (DLD).
To double the size of the emirate’s economy by 2033 and solidify its position as one of the top three cities in the world, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launched the Dubai Economic Agenda D33. This sector’s exceptional performance supports these goals.
In terms of transaction value in 2022, the Wadi Al-Safa 3 area came in first with over AED 47.1B, followed by the Palm Jumeirah (AED 40.48B), Nad Al Sheba 1 (AED 32.83B), Dubai Marina (AED 32.71B), Jebel Ali First Industrial (AED 28.84B), Business Bay (AED 27.83B), El Merkadh (AED 23.08B), Burj Khal (AED 15.39B). In 2022, Dubai recorded 122,658 real estate transactions totaling AED 528B.
Dubai Land Department has been working to improve the emirate’s real estate investment climate over the past few years by offering seamless services, enacting helpful regulations, fostering a digital ecosystem, combining various data sources through partnerships, and improving the human resource capabilities of its workforce to uphold the highest standards of service excellence. Future industry growth is anticipated to be more significant due to close collaboration between public and private stakeholders.
