Dubai’s real estate sector experienced an unprecedented surge, recording a historic 1.6 million transactions across various market segments. This signifies an impressive 17% increase on an annual basis, highlighting the emirate’s resilient property market amid robust economic momentum, as per the latest data released by the Dubai Land Department.
The comprehensive figure encompasses real estate deals from investments, mortgages, sales transactions, and rental contracts reported throughout the past year. This represents a significant uptick from the approximately 1.3 million transactions reported in 2022, as disclosed by the Dubai Media Office in a statement on Thursday.
The total value of real estate deals in the emirate reached Dh634 billion ($172.6 billion), with the number of transactions reaching 166,400 in 2023. This marks an impressive annual growth of 20% in the value of deals and 36% in the number of transactions.
New real estate investments witnessed a remarkable 55% growth, totaling almost Dh412 billion in the January-December period. This surge was reflected in nearly 157,798 deals involving 113,655 owners, with 71,002 being new investors to the emirate’s property market. The data further indicates that 42% of the total new investors were non-residents.
The results underscore the “strength and versatility” of Dubai’s economic performance, a sentiment echoed by Marwan bin Ghalita, DLD’s acting director general. He emphasized that these achievements are pivotal in realizing the goals set by Dubai Economic Agenda D33, launched in January last year, which aims to double the size of Dubai’s economy, targeting Dh32 trillion by 2033 and establishing the emirate among the top three cities globally.
Dubai’s property market has rebounded robustly from the slowdown induced by the pandemic, supported by government initiatives such as residency permits for retired and remote workers and the expansion of the 10-year golden visa programme.
The emirate’s residential market recorded its highest quarterly price rise in a decade in the third quarter of last year, fueled by strengthening demand. The consistent increase in the emirate’s population, with 100,240 residents added in 2023, pushing the total to 3.65 million, according to Dubai Statistics Centre data, is also contributing to this growth.
In 2023, the count of female investors surged to 38,059, contributing Dh90.5 billion through 46,725 investments, as revealed by DLD data.
Nearly 7,449 Gulf investors accounted for 10,441 investment deals valued at Dh30.75 billion last year, according to the DLD.
Dubai’s economy expanded by an annual 3.3% in the first nine months of last year, maintaining momentum from the first half when gross domestic product expanded by 3.2% on an annual basis to Dh223.8 billion, according to official data.
Publish Feb 07, 2024
Source: https://www.thenationalnews.com/business/property/2024/02/07/dubais-real-estate-transactions-surge-17-to-record-16-million-in-2023/
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