Half-a-trillion dirhams: Dubai reports record real estate transactions in 2022

Originally published on Jan 18, 2023 | Khaleej Times

Dubai's annual real estate transactions have crossed the milestone of half-a-trillion dirhams for the first time in 2022. The sector witnessed transactions worth a record Dh528 billion in 2022, a 76.5 per cent increase from 2021.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, said: "Dubai remains one of the world's most attractive investment destinations due to its stable economy, strong financial fundamentals and ability to constantly find new opportunities for growth. Moreover, global investors, institutions and businesses continue to have high confidence in Dubai's economy due to its growing profile as one of the best metropolises to live and work, its exceptional infrastructure and supportive regulations."

A total of 122,658 real estate transactions were registered in the emirate in 2022, an increase of 44.7 per cent from 2021. The past year also saw 80,216 investors registering 115,183 new real estate investments valued at Dh264.15 billion, an annual growth of 59.5 per cent in volume and 78.4 per cent in value. The number of investors in 2022 grew 53 per cent compared to 2021.

"The real estate sector's remarkable growth signifies Dubai's rising stature as the 'city of the future'. In addition, its state-of-the-art logistics services, business-friendly environment, ability to attract talent and foster innovation, high levels of ease of doing business and exceptional safety and stability have made it a pivotal global trade and investment hub," the government said in a statement.

The Dubai economy continues to witness strong growth despite the challenging global economic situation. In the first nine months of 2022, the emirate's GDP grew 4.6 per cent year-on-year to reach Dh307.5 billion.

Sustainable market growth

Sultan Butti bin Mejren, director-general of the Dubai Land Department, said the emirate's real estate sector had demonstrated its ability to sustain rapid growth and enhance its attractiveness as an "investment magnet".

Bin Mejren added: "Early in 2023, we announced our Strategic Plan 2026, which charts a roadmap for establishing Dubai as one of the world's best real estate markets by ensuring effective governance, promoting innovation, harnessing the latest technologies to develop new real estate solutions and creating a data-driven sector that promotes investment confidence.

"The Dubai Land Department has also worked to enhance the real estate investment environment by providing seamless services, introducing supportive regulations, fostering a digital ecosystem, consolidating various sources of data through partnerships and raising the capabilities of our human resources to maintain the highest levels of service excellence. Further, we have maintained a strong focus on implementing global standards and best practices in the local real estate market."