Arab News, Tuesday, Jan 17, 2023 | Jamadi Al Thani 24, 1444
Dubai real estate transactions hit record high in 2022
Dubai recorded real estate transactions worth more than $143 billion in 2022,
the official Dubai Media Office said Monday, calling it a “milestone” for the
UAE’s main business hub.
“Dubai’s annual real estate transactions have
crossed the milestone of half a trillion dirhams for the first time,” the Dubai
Media Office said in a statement.
“The sector witnessed transactions worth a record
528 billion dirhams in 2022, a 76.5 percent increase from 2021.”
The real estate sector accounts for about a third
of the economy in Dubai.
It has steadily grown since an easing of COVID-19
pandemic restrictions saw Dubai open up much earlier than the rest of the world.
Russians were the biggest international buyers of
Dubai real estate last year, Bloomberg reported, citing brokerage Betterhomes.
It said that the emirate registered more than
86,000 residential sales transactions in 2022, beating the previous record of
80,000 in 2009.
Dubai’s “real estate sector has demonstrated its
ability to sustain its rapid growth and enhance its attractiveness as an
investment magnet,” said Sultan Butti bin Mejren, director general of the
government’s Dubai Land Department.
“The sector is set to achieve even greater growth
in the future,” the Dubai Media Office quoted him as saying.