Dubai reinforces its global real estate leadership with a 33.8% increase in transactions
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Real estate transactions in Dubai achieved significant growth in the first nine months of 2023, recording more than 36.7% growth in value and 33.8% in number of transactions compared to the same period in 2022.
Dubai Land Department The data also revealed that 116,116 real estate transactions worth AED 429.67 billion were recorded in Dubai during this period, a testament to the enduring growth and adaptability of the emirate’s property market. These achievements can be attributed to the city’s growing global profile, its exceptional infrastructure and the commitment of Dubai’s visionary leadership to foster development across all sectors.
Real estate investments also saw steady growth during the first three quarters of the year, with 81,669 investors registering 109,186 real estate investments worth AED 278.7 billion, a growth of 50.3% in value, 33.3% in the number of investments and 37.4% in the number of investors. This has been driven by DLD’s strategic vision and efforts to enhance Dubai’s position as a leading global real estate investment destination by providing proactive real estate services, integrated legislation and data, fostering strong partnerships and building a world-class digital infrastructure to the sector.
Main world economic center
His Excellency Sultan Butti bin Mejren, Director General of Dubai Land Department, highlighted the continued positive performance of the emirate’s real estate sector, its role in advancing Dubai’s transformative journey and the city’s emergence as one of the world’s leading economic hubs. The growth of this sector aligns perfectly with Dubai’s proactive economic agenda aimed at improving the emirate’s competitiveness and attractiveness to global investors, he noted.
“Dubai’s real estate sector has set a global example of growth and excellence, as well as playing a vital role in boosting the national economy and driving comprehensive development efforts aimed at elevating the emirate’s status as a leading economic power.
Dubai has effectively adopted ambitious real estate strategies, pioneering methodologies and cutting-edge technologies. These initiatives have significantly improved transparency and built trust among a wide range of local and international investors. Dubai continues to offer its residents a high quality of life and world-class services. “We are firm in our commitment to raising standards of service and quality in the real estate sector, serving as a model for the advanced cities of the world.”
Women investors
Dubai Land Department The data reveals that 27,120 women registered 32,557 investments worth AED 62.38 billion, recording a growth of 36.1% in investments, 53.8% in value and 38.2% in terms of the number of women investors, in comparison with the same period in 2022.
Leading areas in transactions and mortgages
In the first nine months of 2023, Al Barsha South Fourth topped the list of top 10 areas by transactions with 10,351 transactions, followed by Dubai Marina (9,071), Business Bay (7,414), Wadi Al Safa 5 (5,602), Al Mirkadh. (5,538), Al Thanyah 5 (5,437), Burj Khalifa (5,220), Al Khiran First (4,567), Hadaeq Mohammed bin Rashid (4,195) and Jebel Ali First (3,737).
The top 10 areas in terms of transactional value include Dubai Marina, which tops the list with transactions worth over AED 36.7 billion, followed by Palm Jumeirah (AED 28.51 billion), Jebel Ali Industrial First (AED 27.93 billion) and Wadi. Al Safa 3 (AED 25.33 billion), Business Bay (AED 20.08 billion), Burj Khalifa (AED 17.86 billion), El Merkadh (AED 14.53 billion), Al Khairan First (AED 13.81 billion), Hadaeq Mohammed bin Rashid (AED 13.6 billion) and Jebel Ali First (AED 12.91 billion).
Dubai Marina ranked first among the top 10 areas in terms of mortgages with 1,186, followed by Al Thanyah Fifth (879), Al Barsha South Fourth (879), Burj Khalifa (874), Jebel Ali First (789), Al Awir First (743), Hadaeq Mohammed bin Rashid (665), Business Bay (652), Wadi Al Safa 5 (629) and Palm Jumeirah (526). The Jebel Ali First area topped the list in terms of mortgage value (AED 27.78 billion), followed by Wadi Al Safa 3 (AED 14.97 billion), Jebel Ali First (AED 6.96 billion), Palm Jumeirah (AED 6.19 billion). billion), and Dubai Marina (AED 5.02 billion), Business Bay (AED 4.11 billion), El Merkadh (AED 3.45 billion), Al Khairan (AED 3.04 billion AED), Al Barsha South Fourth (AED 2.41 billion). billion) and Burj Khalifa (AED 2.24 billion).
News source: Dubai Press Office
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