After reviewing Dubai’s real estate sector’s performance in Q1 2023, H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE, commented on the impressive growth. The sector saw a significant increase in total transaction value, reaching AED 157B, an 80% surge compared to the same period in 2022. In 2022, the sector’s annual transactions amounted to AED 528B.
According to H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Dubai’s economic sectors have performed exceptionally well, which is a testament to the vision and foresight of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The goal of the Dubai Economic Agenda D33 is to cement the emirate’s position as one of the top three cities in the world.
“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,” Sheikh Maktoum said.
“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 has shown exceptional growth in Q1 2023, with 38,700 transactions valued at AED 157B, in, an 80% increase in value and 49% increase in volume compared to Q1 2022.
These figures support the goals of the Dubai Economic Agenda D33, aimed at increasing private sector investments and placing Dubai among the top global cities. The Dubai Land Department’s measures to ensure sustainable growth, including sound legislative frameworks, visionary initiatives, and streamlined services, have resulted in real estate sales worth AED 89B, a 62% increase from the same period in 2022.
The department has also attracted 13,338 new investors, a 12% growth from Q1 2022, with non-resident investors accounting for 45% of total acquisitions, a 25% increase, according to WAM.
Dubai’s real estate sector recorded AED 528B worth of transactions in 2022, a 76.5% increase in value compared to the previous year. The department aims to continue its efforts to maintain the sector’s growth momentum with proactive services, integrated legislation, and productive partnerships.
