Dubai records 38,700 real estate transactions in Q1-2023, a 49% increase
from Q1-2022
The Dubai real estate
sector has recorded an 80% increase in total transactions compared to Q1 2022,
with a value of DH157 billion in Q1 2023.
“Dubai’s real estate
sector is one of the key drivers of economic growth and a major factor in
maintaining Dubai’s position in the global economy,” said Sheikh Maktoum bin
Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister
and Minister of Finance of the UAE. “As one of the most important pillars of
the economy, the sector is a vital contributor to the emirate’s efforts to
achieve the goals of the Dubai Economic Agenda D33.”
“We remain committed
to further raising the investment attractiveness of Dubai’s real estate sector
and its emergence as one of the world’s pre-eminent real estate investment
destinations,” he added.
A high growth for
Dubai real estate sector was seen in the quarter ending March 31, with a record
of 38,700 transactions worth Dh157 billion, claiming a 49 per cent increase in
volume from Q1 2022. Holding up the objective announced by H.H. Sheikh Mohammed
bin Rashid Al Maktoum, the growth supports the objectives of Dubai Economic
Agenda D33, aiming, to increase private sector investments and place Dubai at
the forefront of global cities.
Key measures
undertaken by the Dubai Land Department to ensure the sustainable growth of the
sector helped achieve real estate sales worth Dh89 billion in Q1 2023, a 62 per
cent increase from the same period in 2022 that saw sales worth Dh55 billion.
The number of new investors entering the emirate’s real estate market in
Q1-2023 rose to 13,338, a 12 per cent growth from Q1-2022. Non-resident
investors accounted for 45 per cent of total acquisitions, an increase of 25
per cent.
“We are strongly
committed to the comprehensive development of the sector as part of our efforts
to ensure Dubai reinforces its position as one of the world’s best real estate
investment destinations,” said Sultan Butti bin Mejren, Director-General of the
Dubai Land Department.
SOURCE: Gulf News
(RPN: 63969)
