Dubai, UAE – Dubai’s real estate sector recorded deals worth AED157 billion ($42.75 billion) in the first quarter of 2023, an 80 percent increase from the same period last year.
Transactions worth AED528 billion were recorded during the year 2022, a 44.7 percent increase in volume and 76.5 percent increase in value compared to 2021.
While a total of 38,700 were recorded in Q1 2023, the number was 26,000 (valued at AED87 billion) in Q1 2022.
WAM reported that the growth is in line with the objectives of the Dubai Economic Agenda D33 to increase private sector investments and place Dubai at the forefront of global cities.
“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,” UAE Prime Minister and Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum said.
The number of new investors entering the emirate’s real estate market in Q1 2023 rose to 13,338, a 12 percent growth from Q1 2022. Non-resident investors accounted for 45 percent of total acquisitions, an increase of 25 percent.
Sultan Butti bin Mejren, Director General of the Dubai Land Department, said: “We are strongly committed to the comprehensive development of the sector as part of our efforts to ensure Dubai reinforces its position as one of the world’s best real estate investment destinations.”