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          In 2021, Dubai records 84,772 property transactions worth AED300 billion: DLD

          January 10, 2022
          in Business, Dubai, UAE
          Reading Time: 5 mins read
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          AED 300 billion worth of real estate transactions in Dubai in 2021: DLD
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          Dubai’s real estate market continues to serve as a major driver of various sectors and economic activities, with the sector recording 84,772 transactions valued at AED300 billion in 2021, according to the Dubai Land Department.

          Guided by the leadership’s directives and strengthened by the government’s economic stimulus packages and the emirate’s hosting of Expo 2020 Dubai, the sector was able to achieve a high volume of transactions last year. Also, the strong fundamentals and attractiveness of Dubai’s real estate market, as well as its transparent and flexible procedures, continue to attract investors from around the world.

          According to the report, the number of transactions increased by 65 percent, and the value increased by 71 percent compared to 2020. In 2021, 52,415 new investments worth AED148 billion were concluded by 52,415 investors, representing an increase of 73.7 percent in investments, a rise of 65.6 percent in investors, and a 100 percent increase in investment value compared to 2020. Its leading role in the region and on the global stage is reinforced by the results, which reflect the sector’s ability to progress despite the current exceptional circumstances.

          Commenting on the results, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, said, “The directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to make Dubai the world’s best city to live and work has served as a key driver in increasing its attractiveness as a global investment destination.

          “Dubai’s robust infrastructure, flexible legislations that have kept pace with evolving market conditions, and its safe environment have all contributed to deepening investment confidence in its real estate sector. The rise in investments and the increasing interest shown by global investors in Dubai is a testament to the effectiveness of the emirate’s strategic economic initiatives that have sought to strengthen its leadership in various sectors and enhance its global rankings in development indicators. Dubai has a clear vision for the future, and its partnership with the global investment community continues to be vital to its ability to accelerate growth and meet its ambitious goals for the future,” Sheikh Hamdan said.

          Sultan Butti bin Mejren, Director-General of DLD, said, “Dubai’s real estate sector has once again proven its resilience, attractiveness, and ability to achieve sustainable growth even during the exceptional circumstances being witnessed globally. The results highlighted in the report bode well for the future as the country ushers in another 50 years of economic development. The real estate sector represents a major catalyst for the growth of various other sectors.”

          Bin Mejren said that the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum and His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum have made Dubai a preferred destination for investors both regionally and globally, as well as one of the best places to live and work.

          “We are committed to continue working to achieve our strategic objectives in 2022 to becoming regional and global leaders in the real estate market as well as providing exceptional integrated services to all customers in the sector. We will also continue to develop legislations that will help regulate, encourage and manage investments in the real estate sector, in addition to enhancing knowledge of the real estate culture in the emirate.”

          There were 6,897 investors from the GCC who registered 8,826 investments worth over AED16.88 billion, according to the report.

          A total of 6,097 Arab investors recorded 7,538 investments worth more than AED12.4 billion. Additionally, Dubai’s real estate sector attracted 38,318 foreign investors who concluded 51,553 new investments worth over AED99 billion.

          According to DLD statistics, 17,705 women registered 22,165 investments worth more than AED38.4 billion in 2021, an increase of 72 percent from 2020. The results show that businesswomen have great confidence in Dubai’s real estate market.

          Dubai Marina had the most transactions, with 7,968 transactions, followed by Business Bay (5,687), Al Thanyah Fifth (5,092), Al Barsha South Fourth (4,813), Hadaeq Sheikh Mohammed bin Rashid (4,352), Burj Khalifa (4,279), Wadi Al Safa 5 (3,536), Al Hebiah Fourth (3,261), Al Merkadh (3,150), and Palm Jumeirah (2,803).

          Also, Dubai Marina had the highest value of transactions with over AED28.6 billion, followed by Palm Jumeirah (AED26.6 billion), Hadaeq Sheikh Mohammed bin Rashid (AED15.8 billion), Burj Khalifa (AED14.2 billion), Business Bay (AED13.19 billion), and Al Thanyah Fifth (AED8.19 billion). Wadi Al Safa 5 (AED8 billion), Al Yufrah 1 (AED7.3 billion), Al Thanyah Fourth (AED7.2 billion), and Al Hebiah Fourth (AED7.19 billion).

          The highest number of real estate mortgages were recorded in Dubai Marina (1440), followed by Hadaeq Sheikh Mohammed bin Rashid (1046), Al Thanyah Fifth (1015), Burj Khalifa (922), Al Barsha South Fourth (875), Nad Al Sheba 3 (864), Al Yelayiss 2 (717), Al Thanyah Fourth (675), Me’aisem First (655), and Palm Jumeirah (618).

          There were over AED10 billion in mortgages for Palm Jumeirah and Dubai Marina, followed by Al Yufrah 1 (AED6.49 billion), Warsan 2 (AED4.7 billion), Business Bay (AED4.55 billion), Al Barsha South Fourth (AED3.4 billion), Burj Khalifa (AED3.4 billion), Al Wasl (AED3 billion), Al Thanyah Fifth (AED2.9 billion), and Al Thanyah Fourth (AED2.6 billion).

          Based on the mortgage data, Dubai’s national and foreign banks are confident in the emirate’s real estate market, contributing to the availability of liquidity and funds, as well as the financing options available by banks in order to encourage investment in the real estate market.

          According to the report, 3,171 new brokers entered the market, bringing the total number of registered brokers to 8,002. 2 715 of Dubai’s real estate brokers are women, according to the report. There are 1,421 brokerage offices registered in the emirate.

          Through 12,067 transactions, real estate brokers’ commissions in Dubai’s real estate market in 2021 exceeded AED3 billion. DLD now has 71 registered real estate valuators, and two new valuation offices, bringing the total to 38.

          In 2021, 35 real estate projects worth more than AED11 billion were completed, and 319 others are in progress. In addition, 602,714 Ejari contracts were registered in 2021, of which 315,222 were new contracts. In addition, 6,168 permits for real estate were issued last year.

          Additionally, 49,790 real estate units were registered in 2021. A total of 41,020 units worth a total of AED68.5 billion were sold, while 8,030 villas worth AED18.2 billion were sold.

          In 2021, three new real estate service trustee offices were registered, bringing the total to 13, while the number of real estates registration trustee offices remained at 13.

          DLD issued 4,230 real estate licenses in 2021. They were distributed by activity as follows: brokerage in the sale and purchase of properties (1,229), follow-up services (1,173), brokerage in rental properties (890), administrative supervision services for properties (262), purchase and sale of land and properties (159), private real estate rental and management services (128), real estate development (107), commercial complex (91), administrative supervision services for jointly owned property management companies (70), real estate mortgage broker (42) licenses, and shopping centers and malls (33).

          The remainder of licenses were granted for other commercial activities, including real estate rental and management services for third parties, real estate valuation services, real estate representation offices, and real estate survey services.

          Tags: DLDDubaiDubai Land DepartmentReal EstateReal Estate TransactionsTransactionsUAE

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