According to experts, Dubai real estate will play a significant role in achieving the objectives of the Dubai Economic Agenda D33 and will draw billionaires and high-net-worth individuals for investment in one of the emirate’s expanding economic sectors.
350 projects are now under construction in the emirate, and it is anticipated that the real estate sector, which saw 122,658 transactions worth Dh528 billion in 2022, will speed up development.
“The real estate projects in Dubai have been designed to meet growing demand and diverse preferences in the global market. Driven by close cooperation between public and private stakeholders, the sector is set to achieve greater growth in the future,” according to a statement from the Dubai Media Office on Wednesday.
Last year, almost 55 real estate projects totaling Dh11.9 billion were finished, indicating a growth of 57% in terms of numbers and 8% in terms of value.
“Dubai remains one of the world’s most attractive investment destinations due to its stable economy, strong financial fundamentals, and ability to constantly find new opportunities for growth,” Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, said last week.
Due to Dubai’s expanding reputation as one of the best metropolises to live and work in, as well as its exceptional infrastructure and supporting legislation, Sheikh Hamdan claimed that international investors, institutions, and enterprises continue to have high confidence in the city’s economy.
Due to its rising reputation as one of the best metropolises to live and work in, its exceptional infrastructure, supportive regulations, and the escalating confidence of international investors, Dubai continues to be one of the world’s most alluring destinations for real estate investments in terms of quality, sustainable growth, and return on investment.
According to Ata Shobeiry, CEO of Zoom Property, some of the key elements that will propel the real estate industry in 2023 and beyond include updated immigration regulations, investor-friendly legislation, and the stability Dubai gives to investors.
“After a strong performance and record-breaking year, the Dubai property market is in a strong position to face the challenges posed by the global recession. The market, I believe, will remain stable in this regard and continue to attract foreign investors and HNWIs,” Shobeiry said.
DLD plays a key role
The Dubai Land Department (DLD) has worked to improve the environment for real estate investment by delivering seamless services, implementing helpful regulations, fostering a digital ecosystem, combining various sources of data through partnerships, and improving the skills of its human resources to uphold the highest standards of service excellence.
“The number of real estate developers registered in DLD’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”, according to the statement.
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.
Dubai has become one of the top locations in the world for real estate investments. The sector’s ability to maintain sustainable high growth and the extraordinary governance it has maintained while following the leadership’s instructions are also demonstrated by the record outcomes.