Khaleej Times, Tuesday, Jan 17, 2023 | Jamadi Al Thani 24, 1444
Half-a-trillion dirhams: Dubai reports record real estate transactions in 2022
Dubai's annual real estate transactions have crossed the milestone of
half-a-trillion dirhams for the first time in 2022. The sector witnessed
transactions worth a record Dh528 billion in 2022, a 76.5 per cent increase from
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, said:
"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."
A total of 122,658 real estate transactions were registered in the emirate in
2022, an increase of 44.7 per cent from 2021. The past year also saw 80,216
investors registering 115,183 new real estate investments valued at Dh264.15
billion, an annual growth of 59.5 per cent in volume and 78.4 per cent in value.
The number of investors in 2022 grew 53 per cent compared to 2021.
"The real estate sector's remarkable growth signifies Dubai's rising stature as
the 'city of the future'. In addition, its state-of-the-art logistics services,
business-friendly environment, ability to attract talent and foster innovation,
high levels of ease of doing business and exceptional safety and stability have
made it a pivotal global trade and investment hub," the government said in a
The Dubai economy continues to witness strong growth despite the challenging
global economic situation. In the first nine months of 2022, the emirate's GDP
grew 4.6 per cent year-on-year to reach Dh307.5 billion.
Sustainable market growth
Sultan Butti bin Mejren, director-general of the Dubai Land Department, said the
emirate's real estate sector had demonstrated its ability to sustain rapid
growth and enhance its attractiveness as an "investment magnet".
Bin Mejren added: "Early in 2023, we announced our Strategic Plan 2026, which
charts a roadmap for establishing Dubai 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.
"The Dubai Land Department has also worked to enhance the real estate investment
environment by providing seamless services, introducing supportive regulations,
fostering a digital ecosystem, consolidating various sources of data through
partnerships and raising the capabilities of our human resources to maintain the
highest levels of service excellence. Further, we have maintained a strong focus
on implementing global standards and best practices in the local real estate