Here’s how much Dubai’s real estate sector recorded in Q1 2023

April 20, 2023 469

The sector maintained its high growth momentum recording 38,700 transactions

Dubai’s real estate sector recorded a total transaction value of Dhs157bn in Q1 2023, an 80 per cent increase from the same period in 2022. The sector had recorded annual transactions worth a total of Dhs528bn in the year 2022.

“Dubai’s real estate sector is one of the key drivers of economic growth and a major factor in maintaining Dubai’s position in the global economy,” Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE said.

“As one of the most important pillars of the economy, the sector is a vital contributor to the emirate’s efforts to achieve the goals of the Dubai Economic Agenda D33. We remain committed to further raising the investment attractiveness of Dubai’s real estate sector and its emergence as one of the world’s pre-eminent real estate investment destinations,” he added.

Exceptional performance in real estate

The sector sector maintained its high growth momentum in Q1 2023, recording 38,700 transactions worth Dhs157bn, an 80 per cent increase in value and 49 per cent increase in volume from Q1 2022, which saw 26,000 transactions worth Dhs87bn.

Dubai’s real estate sector sees transactions worth AED157 billion in the first quarter of 2023, an 80% rise from Q1 2022#WamNews https://t.co/SqoNaUEINk pic.twitter.com/T4MTnuY0da
— WAM English (@WAMNEWS_ENG) April 19, 2023

Key measures undertaken by the Dubai Land Department to ensure the sustainable growth of the sector helped achieve real estate sales worth Dhs89bn in Q1 2023, a 62 per cent increase from the same period in 2022 that saw sales worth Dhs55bn.

The number of new investors entering the emirate’s property market in Q1 2023 rose to 13,338, a 12 per cent growth from Q1 2022. Non-resident investors accounted for 45 per cent of total acquisitions, an increase of 25 per cent.

Sultan Butti bin Mejren, director general of the Dubai Land Department, said: “The sector saw record results last year, an achievement made possible by Dubai’s robust infrastructure, as well as its sound legislative framework and the visionary initiatives of Sheikh Mohammed bin Rashid Al Maktoum.”