Dubai's real estate market recorded AED 43 billion ($11.7 billion) worth of property transactions in the first quarter of 2023, an 80% increase compared to last year.The number of transactions increased by 33.2% year-on-year, with 16,644 sales transactions and 2,092 mortgage transactions. The high number of transactions is due to the strong demand for property in Dubai, with both local and foreign investors showing interest in the market.
This growth supports the objectives of Dubai's Economic Agenda aimed at increasing private sector investments. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE, believes the industry's impressive economic performance is a testament to its importance as a key driver of economic growth and a major contributor to Dubai's position in the global economy.
During Q1 2023, the Dubai real estate market saw 13,338 new investors enter the market, indicating a 12% growth
from the same period in 2022. Non-resident investors made up 45% of total acquisitions, showing a 25% increase. According to Sultan Butti bin Mejren, the Director General of the Land Department, the sector's record results can be attributed to Dubai's strong infrastructure and solid legislative framework.
Dubai's real estate sector is dedicated to becoming one of the top real estate investment destinations globally. According to Sheikh Maktoum, the industry is committed to enhancing Dubai's real estate sector's investment appeal. The industry's annual transactions reaching AED528bn in 2022 highlight its crucial role as a significant contributor to Dubai's economy.
13,338 new investors entered the Dubai real estate market in Q1 2023, representing a 12% increase over the same period in 2022. 45% of all acquisitions were undertaken by non-resident investors, a 25% increase. Sultan Butti bin Mejren, Director General of the Land Department, claims that Dubai's robust infrastructure and sound legal system are to blame for the sector's record-breaking performance.
The real estate industry in Dubai is committed to ranking among the best places in the world to invest in real estate. Sheikh Maktoum asserts that the sector is dedicated to increasing Dubai's real estate sector's investment appeal. The sector's vital position as a big contributor to Dubai's economy is highlighted by its yearly transactions surpassing AED528 billion in 2022.