According to data released on Wednesday, 55 real estate projects totaling Dh11.9 billion were finished in Dubai last year, representing a growth of 57 percent in number and 8 percent in value.
The emirate is home to a total of 350 real estate projects that are now under development, solidifying Dubai’s position as one of the top global locations for real estate investments.
This week it was revealed that Dubai would reach the milestone of half a trillion dirhams in yearly real estate transactions for the first time in 2022. The sector had transactions at a record Dh528 billion in 2022, a 76.5 percent rise from 2021, as it continued on its exponential growth trajectory.
The aims of the Dubai Economic Agenda D33, which was recently unveiled by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, are greatly helped by the property sector’s outstanding performance. The agenda contains ambitious economic objectives, such as growing Dubai’s economy by twofold during the following ten years and solidifying its place as one of the top three cities in the world.
In the Dubai Land Department’s database, there were 140 registered real estate developers in 2022, compared to 12,989 registered real estate brokers. 5,703 new brokers in all were registered in the emirate in 2022, and they were involved in 24,824 procedures worth Dh5.33 billion. There were 1,391 registered real estate brokerage firms, and 78 real estate appraisers—including 12 new ones—were registered with the DLD. While there are 2,704 real estate offices, there are 42 registered real estate valuation offices, including two new offices.