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March 2, 2024

In numbers: Dubai real estate registers best-ever performance in 2023

The year 2023 was a landmark year for Dubai’s real estate sector.

The Dubai Land Department (DLD) marked its strongest performance ever with 1.6 million transactions (from real estate transactions to rental agreements), with 166,000 real estate deals worth Dhs634bn.

This represents a remarkable growth of 16.9 per cent compared to 2022, which accounted for approximately 1.368 million transactions.

Engineer Marwan bin Ghalita, acting director general of DLD, said: “The value of real estate transactions exceeded Dhs634bn with the number of transactions reaching over 166,400 real estate transactions in 2023. This marked a growth of 20 per cent in value and 36 per cent in terms of the number of transactions compared to 2022. Real estate investments also showcased exceptional performance, with their value growing by 55 per cent during the same period, reaching approximately Dhs412bn.”

Dubai real estate on the rise: Here are the key highlights of the year

  1. There were 157,798 investments attributed to 113,655 owners, including 71,002 new investors, indicating a 20 per cent increase.
  2. The percentage of non-resident investors rose to constitute 42 per cent of the total new investors.
  3. According to DLD, 7,449 Gulf investors accounted for 10,441 investments valued at Dhs30.75bn.
  4. Arab investors added up to 13,248, injecting over Dhs29.23bn into 17,047 investments.
  5. Foreign investors contributed Dhs276.28bn with 90,753 of them buying into 122,937 investments.
  6. In 2023, the number of female investors reached 38,059 and they brought in Dhs90.5bn across 46,725 investments. This marked a growth of 53.9 per cent in terms of value, 42.5 per cent in the number of female investors, and 39.8 per cent in the number of investments compared to 2022.

At a glance

Courtesy Dubai Media Office