Published On: July 28, 2023Categories: Business, Real Estate2.4 min read446 wordsViews: 88

According to DLD, 392 real estate projects are currently being developed in the emirate

Data compiled by the Dubai Land Department reveals that the real estate sector experienced AED 283 billion ($77 billion) worth of transactions in the first half of the year.

This indicates the sector’s continued growth, with an additional 42,583 real estate units registered during that period. Moreover, nine real estate projects valued at AED 4.06 billion ($1.1 billion) were completed between January and June.

Currently, the emirate is witnessing the development of 392 real estate projects, as reported by the Dubai Land Department. These figures further establish Dubai as a prominent global real estate investment destination, highlighting the sector’s sustainable long-term growth potential.

Additionally, they align with the strategic vision for economic development set by the Dubai Economic Agenda D33.

The real estate market in Dubai continues to attract strong confidence from both local and international investors. In the first half of the year, a total of 42,583 real estate units were registered, indicating a positive trend in the market.

During this period, a significant number of transactions took place, with 47,187 units valued at AED 96 billion ($26.1 billion) and 5,546 villas valued at AED 15 billion ($4 billion) being sold.

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 remarkable growth of 55 per cent compared to the first half of 2022.

The high growth in licences demonstrates the department’s efforts to bolster the real estate community’s growth by providing proactive and efficient real estate service as well as the sector’s attractiveness to real estate development companies and brokers.

The activity-wise break-up of licences 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)
  • Commercial complexes (37)

Other activities for which licences were issued included shopping centres and administrative supervision services for jointly owned real estate management companies.

10 areas with the most real estate transactions in 2023

  • Al Barsha South Fourth, with 7,228 transactions
  • 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)
  • Al Hebiah Fifth (2,288)

Areas with highest real estate transaction value in 2023

  • Dubai Marina (AED24.96bn/$6.8bn)
  • Wadi Al Safa 3 (AED20.99bn/$5.7bn)
  • Palm Jumeirah (AED19.43bn/$5.3bn)
  • Jebel Ali Industrial First (AED14.02bn/$3.8bn)
  • Business Bay (AED13.3bn/$3.6bn)
  • Al Khairan First (AED10.81bn/$2.9bn)
  • Hadaeq Mohammed bin Rashid (AED10.27bn/$2.8bn)
  • Jebel Ali First (AED9.64bn/$2.6bn)
  • El Merkadh (AED9.41bn/$2.6bn)

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