Real estate transactions in Dubai achieved significant growth in the first nine months of 2023, recording a growth of more than 36.7% in value and 33.8% in number of transactions compared to the same period in 2022.
Dubai Land Department data also revealed that 116,116 real estate transactions worth AED429.67 billion, were recorded in Dubai in this period, a testament to the enduring growth and adaptability of the emirate’s real estate market. These achievements can be attributed to the city’s rising global profile, exceptional infrastructure and the commitment of Dubai’s visionary leadership to fostering development across sectors.
Real estate investments also witnessed steady growth during the first three quarters of the year, with 81,669 investors registering 109,186 real estate investments worth AED278.7 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 its endeavours 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 for the sector.
Leading global economic hub
His Excellency Sultan Butti bin Mejren, Director General of Dubai Land Department, highlighted the consistent 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. This sector’s growth aligns perfectly with Dubai’s proactive economic agenda aimed at enhancing the emirate's competitiveness and attractiveness to global investors, he noted.
"Dubai's real estate sector has set a global example for growth and excellence as well as played a vital role in propelling the national economy forward and driving comprehensive development efforts aimed at raising the emirate’s status as a leading economic powerhouse.
Dubai has effectively embraced ambitious real estate strategies, pioneering methodologies, and cutting-edge technologies. These initiatives have significantly enhanced transparency and fostered trust among a diverse range of local and international investors. Dubai continues to offer its residents a high quality of life and world-class services. We are steadfast in our commitment to raising service and quality benchmarks in the real estate sector, serving as a model for the world’s advanced cities."
Women investors
Dubai Land Department data reveals that 27,120 women registered 32,557 investments worth AED62.38 billion, recording a growth of 36.1% in investments, 53.8% in value, and 38.2% in terms of the number of female investors, compared to the same period in 2022.
Leading areas for transactions and mortgages
In the first nine months of 2023, Al Barsha South Fourth topped the list of top 10 areas based on 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 AED36.7 billion, followed by Palm Jumeirah (AED28.51 billion), Jebel Ali Industrial First (AED27.93 billion), and Wadi Al Safa 3 (AED25.33 billion), Business Bay (AED20.08 billion), Burj Khalifa (AED17.86 billion), El Merkadh (AED14.53 billion), Al Khairan First (AED13.81 billion), Hadaeq Mohammed bin Rashid (AED13.6 billion), and Jebel Ali First (AED12.91 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). Jebel Ali First area topped the list in terms of the value of mortgages (AED27.78 billion), followed by Wadi Al Safa 3 (AED14.97 billion), Jebel Ali First (AED6.96 billion), Palm Jumeirah (AED6.19 billion), and Dubai Marina (AED5.02 billion).), Business Bay (AED4.11 billion), El Merkadh (AED3.45 billion), Al Khairan (AED3.04 billion), Al Barsha South Fourth (AED2.41 billion) and Burj Khalifa (AED2.24 billion).
News Source: Dubai Media Office
