Staff Writer: WAM (Emirates News Agency)

February 10, 2024

The Dubai Land Department (DLD) has achieved an all-time high of 1.6 million transactions across various real estate activities ranging from real estate transactions to rental agreements in 2023. This represents a remarkable growth of 16.9 percent compared to 2022, which accounted for approximately 1.368 million transactions.

Announcing details of the record-breaking performance, Marwan bin Ghalita, Acting Director General of the DLD, emphasised the department’s renewed commitment to supporting the goal of the emirate and the UAE to build the world’s most active economy.

Bin Ghalita said, “The value of real estate transactions exceeded AED634 billion with the number of transactions reaching over 166,400 real estate transactions in 2023. This marked a growth of 20 percent in value and 36 percent in terms of the number of transactions compared to 2022. Real estate investments also showcased exceptional performance, with their value growing by 55 percent during the same period, reaching approximately AED412 billion. There were 157,798 investments attributed to 113,655 owners, including 71,002 new investors, indicating a 20 percent increase. Additionally, the percentage of non-resident investors rose to constitute 42 percent of the total new investors.

The record-breaking results indicate the strength and versatility of Dubai’s economic performance, Bin Ghalita stressed. The impressive performance also reflects the commitment of the Dubai Land Department to further its strategic vision aimed at achieving the status of a world leader in attracting real estate investment. He added that the outstanding performance of the real estate sector will serve to support and drive the ambitious goals of the Dubai Economic Agenda, D33. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the ambitious goals of the D33, including Dubai’s aspiration to secure a position among the top three urban economies of the world.

Bin Ghalita expressed his pride in the results achieved over 2023 and affirmed the DLD’s commitment to support the sector’s continued growth and development in the coming years. Such efforts, he said, would contribute to strengthening the local economy and enhancing the sector’s own attractiveness, besides attracting local and global investors given the emirate’s manifold investment advantages and advanced infrastructure on par with the highest global standards.

GCC, Arab, and foreign investors

According to the annual figures released by DLD, 7,449 Gulf investors accounted for 10,441 investments valued at AED30.75 billion. Arab investors added up to 13,248, injecting over AED29.23 billion into 17,047 investments. Foreign investors contributed AED276.28 billion with 90,753 of them buying into 122,937 investments.

Women continue to make their presence increasingly felt in the real estate sector in Dubai. In 2023, the number of female investors reached 38,059 and they brought in AED90.5 billion across 46,725 investments. This marks a growth of 53.9 percent in terms of value, 42.5 percent in the number of female investors, and 39.8 percent in the number of investments compared to 2022.

The results highlight the renewed optimism around the real estate sector in Dubai and its prospects for sustained growth, offering diverse and attractive investment options while continuing to inspire confidence among both local and foreign investors. Dubai Land Department, for its part, is committed to enabling the real estate community by providing seamless real estate services, effective legislation, integrated data through partnerships, leading digital infrastructure, and empowered human capital. This endeavour contributes to achieving DLD’s strategic goals, foremost among which are the future readiness and sustainability of the real estate sector.