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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

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