Dubai, UAE– Dubai’s annual real estate transactions crossed the milestone of half a trillion dirhams ($136 billion) for the first time in 2022, as the sector witnessed transactions worth a record AED528 billion in 2022, a 76.5 percent increase from 2021.
A total of 122,658 real estate transactions were registered in the emirate in 2022, an increase of 44.7 percent from 2021. The past year also saw 80,216 investors registering 115,183 new real estate investments valued at AED264.15 billion, an annual growth of 59.5 percent in volume and 78.4 percent in value. The number of investors in 2022 grew 53 percent compared to 2021.
The real estate sector’s growth coincides with the growth of the emirate’s economy despite the challenging global economic situation.
In the first nine months of 2022, the emirate’s GDP grew 4.6 percent year-on-year to reach AED307.5 billion. The recently launched Dubai Economic Agenda D33 features total economic targets of AED32 trillion over the next 10 years.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said, “The exceptional performance of the real estate sector reflects support the goal of the Dubai Economic Agenda D33 launched to double the size of Dubai’s economy by 2033. The sector is a key pillar of Dubai’s strategy for sustainable development and a vital driver of its 2040 Urban Master Plan.”
Sultan Butti bin Mejren, Director-General of Dubai Land Department, said, “Driven by close cooperation between public and private stakeholders, the sector is set to achieve even greater growth in the future.”
