In 2022, Dubai announces record-breaking real estate sales of half a trillion dirhams.
In 2022, Dubai’s annual real estate transactions will surpass half a trillion dirhams for the first time. In 2022, the industry had transactions at a record Dh528 billion, a 76.5 percent increase over 2021.
Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum stated: Because of its stable economy, solid financial underpinnings, and capacity to consistently uncover new chances for expansion, Dubai continues one of the world’s most appealing investment locations. Furthermore, worldwide investors, institutions, and businesses tend to have great trust in the Dubai economy, attributable to the city’s rising reputation as one of the finest places to live and work, as well as its excellent infrastructure and supporting legislation.”
In 2022, 122,658 real estate transactions were recorded in the emirate, representing a 44.7% increase over 2021. The previous year also saw 80,216 investors register 115,183 new real estate investments worth Dh264.15 billion, representing a 59.5 percent increase in volume and a 78.4 percent increase in value. In 2022, the number of investors increased by 53% over 2021.
“The real estate sector’s phenomenal rise indicates Dubai’s emerging prominence as the ‘city of the future’. Despite the severe worldwide economic situation, the Dubai economy continues to develop rapidly. The emirate’s GDP increased by 4.6 percent year on year in the first nine months of 2022, reaching Dh307.5 billion.
“The real estate sector’s phenomenal rise indicates Dubai’s emerging prominence as the ‘city of the future’. Despite the severe worldwide economic situation, the Dubai economy continues to expand rapidly. The emirate’s GDP increased by 4.6 percent year on year in the first nine months of 2022, reaching Dh307.5 billion.
Market expansion that is sustainable
Sultan Butti bin Mejren, director-general of the Dubai Land Department, said the emirate’s real estate industry has proved its potential to maintain rapid expansion and boost its appeal as a “investment magnet”.
Bin Mejren went on to say: “We announced our Strategic Plan 2026 in early 2023, which lays out a plan for establishing Dubai as one of the world’s best real estate markets by ensuring effective governance, encouraging innovation, leveraging the latest technologies to develop new real estate solutions, and establishing a data-driven sector that fosters investor confidence.
“The Dubai Land Department has also endeavored to enhance the real estate investment setting by providing uninterrupted service, introducing supportive regulations, fostering a digital ecosystem, consolidating various data sources through partnerships, and increasing the functionality of our human resources in order to maintain the highest levels of service excellence. Furthermore, we have kept a strong emphasis on integrating global standards and best practises in the local real estate industry.
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