On February 7, 2024, the Dubai Land Department (DLD) reported an unprecedented achievement, with a record-breaking 1.6 million transactions encompassing various real estate activities in 2023. This signifies an impressive growth of 16.9 percent compared to the 1.368 million transactions recorded in 2022.
Marwan bin Ghalita, Acting Director General of the DLD, underscored the department’s renewed dedication to supporting the emirate’s and the UAE’s objective of establishing the world’s most active economy.
Bin Ghalita announced, “Real estate transactions surpassed AED634 billion, with over 166,400 transactions in 2023, showcasing a 20 percent increase in value and a 36 percent rise in transaction volume compared to 2022.” He highlighted the exceptional performance of real estate investments, with their value soaring by 55 percent to approximately AED412 billion during the same period. The number of investments reached 157,798, involving 113,655 owners, including 71,002 new investors, marking a 20 percent rise. Moreover, the proportion of non-resident investors increased to constitute 42 percent of the total new investors.
Bin Ghalita emphasized that these record-breaking results underscore the resilience and adaptability of Dubai’s economic performance. He affirmed the DLD’s commitment to realizing its strategic vision to become a global leader in attracting real estate investment. He noted that the outstanding performance of the real estate sector aligns with the ambitious goals of the Dubai Economic Agenda, D33.
Expressing pride in the 2023 achievements, Bin Ghalita reaffirmed the DLD’s commitment to supporting the sector’s sustained growth and development in the years to come. He emphasized that such efforts would enhance the local economy, bolster the sector’s attractiveness, and draw local and global investors due to Dubai’s numerous investment advantages and advanced infrastructure adhering to global standards.
In terms of investors, DLD’s annual figures revealed that Gulf investors, Arab investors, and foreign investors contributed significantly. Gulf investors, numbering 7,449, made 10,441 investments valued at AED30.75 billion. Arab investors, totaling 13,248, injected over AED29.23 billion into 17,047 investments. Foreign investors played a substantial role, contributing AED276.28 billion through 90,753 transactions encompassing 122,937 investments.
The real estate sector in Dubai witnessed a growing presence of women investors. In 2023, the number of female investors reached 38,059, bringing in AED90.5 billion across 46,725 investments. This marked a notable growth of 53.9 percent in value, 42.5 percent in the number of female investors, and 39.8 percent in the number of investments compared to 2022.
These results reflect renewed optimism surrounding the real estate sector in Dubai, indicating sustained growth prospects and offering diverse, appealing investment options that inspire confidence among both local and foreign investors. The DLD remains committed to empowering the real estate community through seamless services, effective legislation, integrated data partnerships, leading digital infrastructure, and a skilled workforce, contributing to the sector’s future readiness and sustainability.
