Khaleej Times, Thursday, Jan 19, 2023 | Jamadi Al Thani 26, 1444
Real estate remains a major contributor to D33 agenda
Dubai real estate will be a major contributor to the goals of the Dubai Economic
Agenda D33 and attract high net worth individuals and millionaires for
investment in one of the growing economic sectors of the emirate, experts say.
The property sector, which recorded 122,658 transactions worth Dh528 billion in
2022, is expected to accelerate progress on 350 projects currently being
developed in the emirate.
“The real estate projects in Dubai have been designed to meet growing demand and
diverse preferences in the global market. Driven by close cooperation between
public and private stakeholders, the sector is set to achieve greater growth in
the future,” according to a statement of Dubai Media Office on Wednesday.
About 55 real estate projects worth Dh11.9 billion were completed last year,
indicating a growth of 57 per cent in number and eight per cent in terms of
“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,” Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum,
Crown Prince of Dubai, said last week.
Sheikh Hamdan said 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
Dubai remains one of the world's most attractive destinations for real estate
investments in terms of quality, sustainable growth and return on investment due
to its growing profile as one of the best metropolises to live and work, its
exceptional infrastructure and supportive regulations and the growing confidence
of global investors.
Ata Shobeiry, CEO at Zoom Property, said the reformed visa rules,
investor-friendly policies, and the stability Dubai offers to investors are some
of the major factors that will drive the property market in 2023 and beyond.
“After a strong performance and record-breaking year, the Dubai property market
is in a strong position to face the challenges posed by the global recession.
The market, I believe, will remain stable in this regard and continue to attract
foreign investors and HNWIs,” Shobeiry said.
DLD plays key role
The Dubai Land Department (DLD) has 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 its human resources to maintain the
highest levels of service excellence.
“The number of real estate developers registered in DLD’s database in 2022
reached 140, while the number of registered real estate brokers reached 12,989.
A total of 5,703 new brokers registered in the emirate in 2022 contributed to
24,824 procedures, representing a value of Dh5.33 billion, according to the
The number of registered real estate brokerage offices reached 1,391, while 78
real estate evaluators were registered with DLD, 12 of whom were new. The number
of registered real estate valuation offices reached 42, including two new
offices, while the number of real estate offices reached 2,704.
Dubai has emerged as one of the world’s leading real estate investment
destinations. The record results also signify the sector’s ability to maintain
sustainable high growth, and the exceptional governance it has maintained under
the directives of the leadership.
> Real estate transactions exceed Dh528 billion for the first time with
> Record annual transactions mark the sector as a major contributor to
the goals of the Dubai Economic Agenda D33
> Completed projects witness a growth of 57% in number and 8% in value,
compared to 2021
> Number of real estate developers registered in DLD’s database reaches