Press Dossier    By Date   19/01/2023 Real estate remains a major contributor to D33 agenda

Khaleej Times, Thursday, Jan 19, 2023 | Jamadi Al Thani 26, 1444

‏Real estate remains a major contributor to D33 agenda

Emirates: 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 value.

“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 supportive regulations.

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 statement.

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.

Key Takeaways

> Real estate transactions exceed Dh528 billion for the first time with 122,658 transactions

> 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 140

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