Dubai's real estate market experienced a bumper year in 2023

 

The number of deals recorded in 2023 climbed to 166,400, worth $173 billion

Dubai's real estate market experienced a bumper year in 2023, with transaction numbers soaring to a record high of 166,400 deals valued at $173 billion, according to the latest figures from the Dubai Land Department. The total number of real estate transactions across various market segments reached 1.6 million, marking a nearly 17% increase compared to the previous year. The overall value of these transactions amounted to Dh634 billion ($172.6 billion), showing a 20% growth in deal value and a 36% rise in the number of transactions from 2022.

The emirate witnessed significant growth in new real estate investments, which surged by 55% to almost Dh412 billion, with 157,798 deals involving 113,655 owners. Notably, 71,002 of these investors were new to Dubai's property market, and non-resident investors constituted 42% of the total new investors.

Marwan bin Ghalita, acting director general of the Dubai Land Department, highlighted that these results demonstrate the strength and versatility of Dubai's economic performance, contributing to the emirate's goals under the Dubai Economic Agenda D33. Launched in January last year, D33 aims to double Dubai's economy by 2033 and position it among the top three global cities.

Dubai's property market has rebounded robustly from the pandemic-induced slowdown, supported by government initiatives such as residency permits for retirees and remote workers, and the expansion of the 10-year golden visa program. The residential market recorded its highest quarterly price increase in a decade in the third quarter of last year, driven by strong demand.

The emirate's population growth is also bolstering the real estate market, with 100,240 new residents in 2023, bringing the total population to 3.65 million. Female investors made a significant contribution, with 38,059 women investing Dh90.5 billion through 46,725 transactions. Additionally, Gulf investors were active, with 7,449 investors making 10,441 deals worth Dh30.75 billion.

Dubai's economy continued to expand, with a 3.3% growth in the first nine months of last year, following a 3.2% increase in GDP to Dh223.8 billion in the first half of the year.