In 2022, Dubai’s yearly real estate transactions for the first time exceeded the milestone of half a trillion dirhams. The sector had transactions at a record Dh528 billion in 2022, a 76.5 per cent rise from 2021, as it continued on its exponential growth trajectory.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, said: “The exceptional performance of the real estate sector reflects the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai one of the world’s top three cities.
“The results also support the goal of the Dubai Economic Agenda D33 to double the size of Dubai’s economy by 2033. The sector is a key pillar of Dubai’s strategy for sustainable development and a vital driver of its 2040 Urban Master Plan.”
In the emirate, 122,658 real estate transactions were recorded in total in 2022, up 44.7% from 2021. In the past year, 115,183 new real estate investments worth Dh264.15 billion were registered by 80,216 investors, representing a volume and value growth of respectively 59.5 per cent and 78.4 per cent. Compared to 2021, there were 53% more investors in 2022.
The expansion of the real estate industry reflects Dubai’s growing status as the “city of the future” and serves as a significant entry point to some of the world’s most rapidly expanding emerging economies. Dubai has become a significant international trade and investment centre thanks to its cutting-edge logistical services, business-friendly environment, capacity to draw talent and encourage innovation, high levels of ease of doing business, and excellent safety and stability.
Despite the difficult global economic climate, Dubai’s economy continues to grow strongly. The emirate’s GDP increased by 4.6% annually in the first nine months of 2022, reaching Dh307.5 billion. 32 trillion dirhams in total economic aims are set forth in the recently unveiled Dubai Economic Agenda D33.
Sultan Butti bin Mejren, Director General of Dubai Land Department, said: “The emirate’s real estate sector has demonstrated its ability to sustain its rapid growth and enhance its attractiveness as an investment magnet. Driven by close cooperation between public and private stakeholders, the sector is set to achieve even greater growth in the future.”
“Early in 2023, we announced our Strategic Plan 2026, which charts a roadmap for establishing Dubai as one of the world’s best real estate markets by ensuring effective governance, promoting innovation, harnessing the latest technologies to develop new real estate solutions and creating a data-driven sector that promotes investment confidence.”