Dubai records 116,116 new real estate transactions worth Dhs429.67 billion

Real estate transactions in Dubai achieved significant growth in the first nine months of 2023, recording a growth of more than 36.7 percent in value and 33.8 percent of transactions compared to the same period in 2022.

Dubai Land Department (DLD) data also revealed that 116,116 real estate transactions worth Dhs429.67 billion, were recorded in Dubai in this period, a testament to the enduring growth and adaptability of the emirate’s real estate market.

These achievements can be attributed to the city’s rising global profile, exceptional infrastructure and the commitment of Dubai’s visionary leadership to fostering development across sectors.

Real estate investments also witnessed steady growth during the first three quarters of the year, with 81,669 investors registering 109,186 real estate investments worth Dhs278.7 billion, a growth of 50.3 percent in value, 33.3 per cent in the number of investments, and 37.4 percent in the number of investors. This has been driven by DLD’s strategic vision and its endeavours to enhance Dubai’s position as a leading global real estate investment destination by providing proactive real estate services, integrated legislation and data, fostering strong partnerships and building a world-class digital infrastructure for the sector.

Sultan Butti bin Mejren, Director-General of DLD, highlighted the consistent positive performance of the emirate’s real estate sector, its role in advancing Dubai’s transformative journey and the city’s emergence as one of the world’s leading economic hubs. This sector’s growth aligns perfectly with Dubai’s proactive economic agenda aimed at enhancing the emirate’s competitiveness and attractiveness to global investors, he noted.

“Dubai’s real estate sector has set a global example for growth and excellence as well as played a vital role in propelling the national economy forward and driving comprehensive development efforts aimed at raising the emirate’s status as a leading economic powerhouse. Dubai has effectively embraced ambitious real estate strategies, pioneering methodologies, and cutting-edge technologies. These initiatives have significantly enhanced transparency and fostered trust among a diverse range of local and international investors. Dubai continues to offer its residents a high quality of life and world-class services. We are steadfast in our commitment to raising service and quality benchmarks in the real estate sector, serving as a model for the world’s advanced cities,” he added.

Dubai Land Department data reveals that 27,120 women registered 32,557 investments worth Dhs62.38 billion, recording a growth of 36.1 per cent in investments, 53.8 percent in value, and 38.2 percent in terms of the number of female investors, compared to the same period in 2022.

In the first nine months of 2023, Al Barsha South Fourth topped the list of top 10 areas based on transactions with 10,351 transactions, followed by Dubai Marina (9,071), Business Bay (7,414), Wadi Al Safa 5 (5,602), Al Mirkadh (5,538), Al Thanyah 5 (5,437), Burj Khalifa (5,220), Al Khiran First (4,567), Hadaeq Mohammed bin Rashid (4,195), and Jebel Ali First (3,737).

The top 10 areas in terms of transactional value include Dubai Marina, which tops the list with transactions worth over Dhs36.7 billion, followed by Palm Jumeirah (Dhs28.51 billion), Jebel Ali Industrial First (Dhs27.93 billion), and Wadi Al Safa 3 (Dhs25.33 billion), Business Bay (Dhs20.08 billion), Burj Khalifa (Dhs17.86 billion), El Merkadh (Dhs14.53 billion), Al Khairan First (Dhs13.81 billion), Hadaeq Mohammed bin Rashid (Dhs13.6 billion), and Jebel Ali First (Dhs12.91 billion).

Dubai Marina ranked first among the top 10 areas in terms of mortgages with 1,186, followed by Al Thanyah Fifth (879), Al Barsha South Fourth (879), Burj Khalifa (874), Jebel Ali First (789), Al Awir First (743), Hadaeq Mohammed bin Rashid (665), Business Bay (652), Wadi Al Safa 5 (629), and Palm Jumeirah (526). Jebel Ali First area topped the list in terms of the value of mortgages (Dhs27.78 billion), followed by Wadi Al Safa 3 (Dhs14.97 billion), Jebel Ali First (AED6.96 billion), Palm Jumeirah (Dhs6.19 billion), and Dubai Marina (Dhs5.02 billion).), Business Bay (AED4.11 billion), El Merkadh (Dhs3.45 billion), Al Khairan (Dhs3.04 billion), Al Barsha South Fourth (Dhs2.41 billion) and Burj Khalifa (Dhs2.24 billion).

Meanwhile, he Planning and Development Department - Trakhees, the regulatory body of the Ports, Customs, and Free Zone Corporation, has achieved a significant milestone in setting record numbers in 2023 compared to 2022 in terms of licensing transactions.

This achievement involved approximately 14,000 transactions during the current year’s third quarter in the special development areas overseen by the corporation, reflecting a growth rate of 19 percent.

Abdulla Belhoul, CEO of Trakhees, stated that the department is diligently working towards achieving tangible and positive results in commercial growth rates and enhancing its role in supporting investment. This includes the number of transactions completed and services provided each year in the special development areas affiliated with the Ports, Customs, and Free Zone Corporation. These efforts align with the vision of Dubai and its economic strategies, aiming to develop the investment environment to encourage companies to expand and grow. This achievement is confirmed by the results of the third-quarter reports of the Licensing Department.