Real Estate Transactions Have Experienced Substantial Expansion During The Initial Nine Months Of 2023.
Dubai’s real estate market witnessed significant growth in the first nine months of 2023. Transaction value increased by an impressive 36.7%, and the number of transactions rose by 33.8% compared to 2022. During this period, there were 116,116 real estate transactions with a total value of Dh429.67 billion, showcasing the sector’s ongoing resilience.
This achievement can be attributed to Dubai’s increasing international prominence and the city’s excellent infrastructure. Additionally, it reflects the commitment of Dubai’s visionary leadership to driving progress across various sectors.
Real estate investments in the first three quarters of the year showed consistent growth. 81,669 investors registered 109,186 real estate investments totaling Dh278.7 billion, marking a 50.3% increase in value, a 33.3% rise in the number of investments, and a 37.4% surge in the number of investors.
This growth is attributed to the Dubai Land Department’s (DLD) strategic vision. Their efforts to enhance Dubai’s status as a leading global real estate investment hub include providing proactive real estate services, integrated legislation, and data, fostering strong partnerships, and developing a world-class digital infrastructure for the sector.
Leading global Economic Hub
Sultan Butti bin Mejren, Director General of Dubai Land Department, emphasized the consistent positive performance of Dubai’s real estate sector. He also highlighted its pivotal role in advancing Dubai’s transformation into a leading global economic hub.
The sector’s growth perfectly aligns with Dubai’s proactive economic agenda, aimed at enhancing the emirate’s competitiveness and appeal to global investors. Sultan Butti bin Mejren noted that Dubai’s real estate sector serves as a global model for growth and excellence while contributing significantly to propelling the national economy forward. It plays a vital role in comprehensive development efforts, ultimately elevating Dubai’s status as a prominent economic powerhouse.
According to Dubai Land Department data, there has been a remarkable increase in women investors. During the same period in 2022, 27,120 women registered a total of 32,557 investments, amounting to Dh62.38 billion. This represents a growth of 36.1% in investments, 53.8% in total value, and a 38.2% rise in the number of female investors.
Leading Areas For Transactions And Mortgages
In the first nine months of 2023, Al Barsha South Fourth led the list of the top 10 areas for real estate transactions with 10,351 transactions, followed by Dubai Marina (9,071), and Business Bay (7,414), among others.
When considering transactional value, Dubai Marina took the top position with transactions worth over Dh36.7 billion, followed by Palm Jumeirah (Dh28.51 billion), and Jebel Ali Industrial First (Dh27.93 billion), among other areas.
Dubai Marina also ranked first among the top 10 areas in terms of mortgages with 1,186 mortgages, followed by Al Thanyah Fifth (879), and Al Barsha South Fourth (879), among others. Jebel Ali First area led in terms of the mortgage value (Dh27.78 billion), followed by Wadi Al Safa 3 (Dh14.97 billion), Palm Jumeirah (Dh6.19 billion), and Dubai Marina (Dh5.02 billion), along with other areas.