During and after the pandemic, Dubai continues to prove its flourishing economy. Real Estate is one of the most contributing factors in the growth of Dubai’s economical status. Let us have a rundown of how 2022 was for the Real Estate Industry.
The Dubai Land Department (DLD) has worked to enhance the real estate investment environment of the emirate, Dubai Media Office reported. It has achieved so by offering supportive regulations, fostering a digital ecosystem, consolidating data sources via partnerships and raising the capabilities of its human resources.
The past year also records the completion of 55 real estate projects worth AED 11.9 billion marking a growth of 57% in number and 8% in value. A total of 350 real estate projects are also currently being developed across the emirates.
A total of 122,658 real estate transactions were conducted in Dubai in 2022, valued at AED 528 billion. Dubai’s real estate sector marks major milestone, value of transactions crossing AED 500 billion in 2022 according to the Dubai Land Department (DLD).
The number of real estate developers registered in DLD’s database in 2022 reached 140, while the number of registered real estate brokers reached 12,989. A total of 5,703 new brokers, who registered in the emirate last year, contributed to 24,824 procedures, representing a value of AED 5.33 billion.
Additionally, the number of registered real estate brokerage offices reached 1,391, while 78 real estate evaluators were registered with DLD, 12 of whom were new. The number of registered real estate valuation offices reached 42, including two new offices, while the number of real estate offices reached 2,704.
The past year also saw 80,216 investors registering 115,183 new real estate investments valued at AED 264.15 billion, posting an annual growth of 59.5% in volume and 78.4% in value. The number of investors in 2022 grew by 53% compared to 2021.
The emirate’s economy continues to witness strong growth despite the challenging global economic situation. In the first nine months of 2022, the emirate’s GDP grew 4.6% year-on-year to reach AED 307.5 billion.
It may be safe to conclude that 2023 shows a promising year for the real estate industry. The recently launched Dubai Economic Agenda D33 features total economic targets of AED 32 trillion over the next 10 years. And Real Estate is one of the biggest contributor to this program.
