ALBAWABA — With the number of investors seeing a year-over-year growth of 53 percent, Dubai recorded real estate transactions worth more than half a trillion dirhams ($143 billion) in 2022, an official Dubai Media Office statement said on Monday.
The real estate sector which accounts for about a third of Dubai's economy has witnessed steady growth since the emirate opened up and eased COVID-19 restrictions much earlier than the rest of the world.
“Dubai remains one of the world's most attractive investment destinations due to its stable economy, strong financial fundamentals and ability to constantly find new opportunities for growth. Moreover, global investors, institutions and businesses continue to have high confidence in Dubai’s economy due to its growing profile as one of the best metropolises to live and work, its exceptional infrastructure and supportive regulations," His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, said in the statement.
A total of 122,658 real estate transactions were registered in the emirate in 2022, a year-over-year increase of 44.7 percent, which saw 80,216 investors register 115,183 new real estate investments valued at AED264.15 billion, an annual growth of 59.5 percent in volume and 78.4 percent in value.
Early in 2023, Dubai announced its Strategic Plan 2026, which charts a roadmap for establishing it 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, Sultan Butti bin Mejren, Director General of the Dubai Land Department, said in the statement.
The Dubai "real estate sector has demonstrated its ability to sustain its rapid growth and enhance its attractiveness as an investment magnet", Bin Mejren said.
"Driven by close cooperation between public and private stakeholders, the sector is set to achieve even greater growth in the future," he added.
