Dubai, UAE — Dubai witnessed the completion of nine real estate projects worth AED 4.06 billion ($1.10 billion) in H1 2023.
According to data issued by the Dubai Land Department (DLD), 392 real estate projects are currently being developed in the emirate.
The first six months of 2023 also witnessed the registration of 42,583 real estate units. During this period, 47,187 units worth AED96 billion, and 5,546 villas worth AED15 billion were sold. The number of real estate developers registered in DLD’s database reached 174.
The rental market in Dubai saw a robust performance in the first half of the year. Total lease contracts registered in the first half reached 355,515. Among these contracts, 166,368 were new contracts, while 189,147 were lease renewals.
Real estate licenses
In the first half of 2023, the Dubai Land Department issued 4,416 real estate licenses, reflecting increasing demand for licenses for real estate various activities.
Real estate licenses saw a growth of 55 percent compared to the first half of 2022.
The activity-wise break-up of licenses issued in H1 2023 is as follows: Brokerage in the sale and purchase of properties (1,592), brokerage in rental properties (1,008), follow-up services (842), administrative supervision services for jointly owned property management companies (369), purchase and sale of land and properties (240), real estate development (148), private real estate management (56), real estate mortgage brokers (47), and commercial complexes (37). Other activities for which licenses were issued included shopping centers and administrative supervision services for jointly owned real estate management companies.
Top areas
In the first half of 2023, Dubai’s real estate sector saw the registration of 76,119 real estate transactions worth AED283 billion. Al Barsha South Fourth topped the list of top 10 areas for the number of transactions with 7,228 transactions, followed by Dubai Marina (6,618), Business Bay (4,792), Wadi Al-Safa 3 (4,140), Burj Khalifa (3,526), Al Thanyah Fifth (3,417), Al Khairan First (3,333), Hadaeq Mohammed bin Rashid (3,207), El Merkadh (3,091), and Al Hebiah Fifth (2,288).
The top 10 areas in terms of the value of transactions include Dubai Marina, which tops the list with transactions worth over AED24.96 billion, followed by Wadi Al Safa 3 (AED20.99 billion), Palm Jumeirah (AED19.43 billion), Jebel Ali Industrial First (AED14.02 billion), Business Bay (AED13.3 billion), Al Khairan First (AED10.81 billion), Hadaeq Mohammed bin Rashid (AED10.27 billion). Jebel Ali First (AED9.64 billion) and El Merkadh (AED9.41 billion).