Dubai properties rental market also witnessed strong growth in H1 2023. Total lease contracts registered reached 355,515. Of these, 166,368 were new contracts, while 189,147 were lease renewals.
Rise in real estate licences issued
In H1 2023, the Dubai Land Department issued 4,416 real estate licences, reflecting increasing demand for licences for real estate various activities.
Real estate licences saw a remarkable growth of 55 per cent compared to H1 2022.
The activity-wise break-up of licences issued in H1 2023 is as follows:
- Brokerage in the sale and purchase of properties (1,592)
- Brokerage in rental properties (1,008), follow-up services (842)
- Administrative supervision services for jointly owned property management companies (369)
- Purchase and sale of land and properties (240)
- Real estate development (148)
- Private real estate management (56)
- Real estate mortgage brokers (47)
- Commercial complexes (37)
Other activities for which licences were issued included shopping centres and administrative supervision services for jointly owned real estate management companies.
Dubai Properties: Top 10 areas for transactions
In H1 2023, Dubai’s real estate sector saw the registration of 76,119 real estate transactions worth Dhs283bn.
Al Barsha South Fourth topped the list of top 10 areas for the number of transactions with 7,228 transactions, followed by Dubai Marina (6,618), Business Bay (4,792), Wadi Al-Safa 3 (4,140), Burj Khalifa (3,526), Al Thanyah Fifth (3,417), Al Khairan First (3,333), Hadaeq Mohammed bin Rashid (3,207), El Merkadh (3,091) and Al Hebiah Fifth (2,288).
The top 10 areas in terms of the value of transactions include Dubai Marina, which tops the list with transactions worth over Dhs24.96bn, followed by Wadi Al Safa 3 (Dhs20.99bn), Palm Jumeirah (Dhs19.43bn), Jebel Ali Industrial First (Dhs14.02bn), Business Bay (Dhs13.3bn), Al Khairan First (Dhs10.81bn), Hadaeq Mohammed bin Rashid (Dhs10.27bn). Jebel Ali First (Dhs9.64bn) and El Merkadh (Dhs9.41bn).
Top 10 areas for real estate mortgages
Dubai Marina ranked first among the top 10 areas for number of mortgages with 760, followed by Al Barsha South Fourth (538), Al Thanyah Fifth (536), Burj Khalifa (520), Al Awir First (496), Jebel Ali First (473), Hadaeq Mohammed bin Rashid (453), Wadi Al Safa 5 (409), Business Bay (400), and Palm Jumeirah (347).
Wadi Al Safa 3 area topped the list in terms of the value of mortgages (Dhs14.25bn), followed by Jebel Ali First Industrial (Dhs13.91bn), Jebel Ali First (Dhs6.15bn), Palm Jumeirah (Dhs4.47bn), El Merkadh (Dhs3.27bn), Al Khairan (Dhs9.71bn), Dubai Marina (Dhs2.55bn), Business Bay (Dhs2.51bn), Nad Hessa (Dhs1.83bn), and Warsan 1 (Dhs1.74bn).
News Source: Gulf Business