In 2023, the Dubai Land Department (DLD) recorded a record-breaking 1.6 million transactions encompassing a range of real estate activities, including rental agreements and real estate transactions. Comparing this to 2022, which accounted for roughly 1.368 million transactions, shows an astounding 16.9% growth.
Marwan bin Ghalita, Acting Director General of the DLD, announced the record-breaking performance and emphasized the department’s renewed commitment to supporting the emirates and the UAE’s aim of creating the most active economy in the world.
Bin Ghalita said, “The value of real estate transactions exceeded AED634 billion with the number of transactions reaching over 166,400 real estate transactions in 2023. This marked a growth of 20 percent in value and 36 percent in terms of the number of transactions compared to 2022. Real estate investments also showcased exceptional performance, with their value growing by 55 percent during the same period, reaching approximately AED412 billion. There were 157,798 investments attributed to 113,655 owners, including 71,002 new investors, indicating a 20 percent increase. Additionally, the percentage of non-resident investors rose to constitute 42 percent of the total new investors.
Bin Ghalita emphasized that the unprecedented outcomes demonstrate the resilience and adaptability of Dubai’s economic performance. The outstanding results also demonstrate the Dubai Land Department’s dedication to advancing its strategic vision, which aims to establish it as a global leader in luring real estate investment. The exceptional performance of the real estate industry, he continued, will help to propel and support the lofty objectives of the Dubai Economic Agenda, or D33. The D33’s lofty objectives were unveiled by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the United Arab Emirates, and ruler of Dubai. Among these was Dubai’s desire to rank among the world’s top three urban economies.
In addition to expressing his satisfaction with the outcomes for 2023, Bin Ghalita reaffirmed the DLD’s pledge to assist the industry’s future expansion and advancement. In addition to drawing both domestic and foreign investors, he claimed that these initiatives would help to boost the local economy and the sector’s allure given the emirate’s numerous investment benefits and cutting-edge infrastructure that meets the highest international standards.
GCC, Arab, and foreign investors
DLD’s annual figures show that 10,441 investments totaling AED30.75 billion were held by 7,449 Gulf investors. 13,248 additional Arab investors brought over AED29.23 billion into 17,047 investments. AED 276.28 billion was contributed by foreign investors, 90,753 of whom purchased 122,937 investments.
In Dubai, the real estate industry, women are becoming more and more prevalent. By 2023, there were 38,059 female investors, and their 46,725 investments generated AED90.5 billion in revenue. Compared to 2022, this represents an increase of 39.8% in the number of investments, 42.5 percent in the number of female investors, and 53.9 percent in terms of value.
The findings demonstrate the renewed optimism surrounding Dubai’s real estate market and its potential for long-term expansion, providing a wide range of alluring investment opportunities and maintaining its ability to engender trust among domestic and international investors. For its part, the Dubai Land Department is dedicated to supporting the real estate industry by offering smooth real estate services, efficient laws, integrated data via collaborations, industry-leading digital infrastructure, and highly qualified human resources. This project helps DLD achieve its strategic objectives, the most important of which are the real estate industry’s sustainability and preparedness for the future.