In the course of 2022, 122,658 real estate transactions were recorded, 80,216 investors.
Dubai’s real estate sector reached an important milestone in 2022, surpassing half a trillion dirhams in annual transactions for the first time. The sector grew exponentially and recorded transactions worth Dh528 billion, an increase of 76.5% over the previous year. This extraordinary achievement reflects the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make the city one of the three largest cities in the world.
The real estate sector is a key pillar of Dubai’s sustainable development strategy and an important driver of the city’s 2040 master plan. In 2022, the sector recorded 122,658 transactions, which corresponds to an increase of 44.7 % compared to the previous year. In addition, 80,216 investors registered 115,183 new real estate investments worth Dh264.15 billion, representing an annual growth of 59.5% in volume and 78.4% in value.
Dubai’s state-of-the-art logistics services, its business-friendly environment, its ability to attract talent and foster innovation, and its exceptional security and stability make the city a major global trade and investment center. The city’s growing importance as the “city of the future” and as an important gateway to some of the world’s fastest growing emerging markets has attracted investors from all over the world.
Despite the difficult global economic situation, Dubai’s economy continues to record strong growth. In the first nine months of 2022, the emirate’s GDP grew by 4.6 % year-on-year and reached Dh307.5 billion. The recently presented Dubai Economic Agenda D33 envisages economic targets totaling Dh32 trillion over the next 10 years.
The emirate’s real estate sector has proven that it is capable of maintaining its rapid growth and increasing its attractiveness as an investment magnet. Close cooperation between public and private players has driven this growth, and the sector is expected to grow even more in the future. The Dubai Land Department’s Strategic Plan 2026 provides a roadmap to establish Dubai as one of the best real estate markets in the world by ensuring effective management, encouraging innovation, leveraging the latest technologies to develop new real estate solutions and creating a data-driven sector that promotes investor confidence.
Source: www.gulfnews.com
