In the first half of 2023, Dubai saw the completion of nine real estate projects totaling Dh4.06 billion. The Dubai Land Department (DLD) has released information showing that 392 real estate projects are currently under construction in the emirate. The most recent statistics confirm Dubai’s position as one of the top global real estate investment locations and the industry’s capacity to maintain growth over the long term. Additionally, they endorse the leadership’s strategic vision for economic growth and the challenging objectives set forth in the Dubai Economic Agenda D33.
The registration of 42,583 real estate units during the first half of the year is another statistic showing the sustained trust of local and foreign investors in Dubai’s real estate market. 47,187 units for Dh96 billion and 5,546 villas worth Dh15 billion were sold during this time. The DLD’s database now contains 174 registered real estate developers.
In Dubai, the rental market performed well in the first half of the year. 355,515 lease agreements were registered overall in the first half. 166,368 of these contracts were new agreements, while 189,147 were extensions of existing leases. A well-developed and supportive infrastructure, efficient and proactive services and the market’s inherent sustainability and resilience were the main drivers of this performance.
Real estate licenses
The Dubai Land Department issued 4,416 real estate licenses in the first half of 2023, which reflects the rising demand for permits for diverse real estate operations. A stunning 55% increase in real estate licenses was observed during the first half of 2022. The department’s efforts to support the real estate community’s growth by offering prompt and effective real estate services are seen in the strong rise in licenses, which also highlights the sector’s appeal to brokers and real estate development firms.
Following is a breakdown of the licenses issued in H1 2023 by activity: Brokering in the purchase and sale of real estate (1,592), rental property brokerage (1,008), follow-up services (842), administrative supervision services for jointly owned property management companies (369), the purchase and sale of land and properties (240), real estate development (148), private real estate management (56), real estate mortgage brokers (47), and commercial complexes (37). Shopping centers and administrative supervision services for jointly held real estate management corporations were among the other endeavors for which licenses were awarded.