Dubai Reports Record Whooping Increase in Real Estate Transactions in 2022
A total of 1,22,658 property deals were made in 2022 in the UAE, with an escalation of 44.7 percent from the last year (2021).
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Dubai's annual real estate transactions have surpassed the most significant milestone for the first time in 2022. It has witnessed a whopping rise of half a trillion dirhams in transactions worth a record Dh528 billion in the year 2022, a 76.5 percent rise from 2021.
According to The Crown Prince of Dubai, Sheikh Hamdan bin Mohammad bin Rashid Al Maktoum: "Dubai remains one of the most lucrative and attractive investment destinations in the world because of its ability to constantly search for new opportunities, powerful financial fundamentals, and a stable economy for growth. Moreover, businesses, institutions, and global investors continue to show great confidence in Dubai's economy because of its accelerating profile as one of the best metropolises to work and stay, plus its supportive and tremendous infrastructure."
A total of 1,22,658 transactions were made in the emirate in 2022, showing a whopping rise of about 44.7 percent compared to 2021. If we look into the past year, we have already seen 80,216 investors making 1,15,183 new real estate investments Valued at Dh264.15 billion, a yearly rise of 78.4 percent in value and 59.5 percent in volume. So, you can see that the number of investors in 2022 has risen 53 percent compared to 2021.
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Factors Responsible for Remarkable Growth in the Real Estate Sector?
The remarkable growth in the real estate sector showcases Dubai's rising pitch as the 'city of the future.' There could be many reasons for the growth in the real estate sector; some of them are:
- The city offers a business-friendly environment
- State-of-the-art logistic services
- Exceptional stability and safety measures
- Excellent ease of doing business
- Ability to foster innovation and attract talent
As per the UAE government, all these contributing factors have made it a pivotal global investment and trade hub."
What Will Happen to the Existing Dubai Economy Despite Challenges?
The Dubai economy will continue to look at solid growth despite challenging global economic circumstances.
If we look into the statistics for the first nine months of 2022, the GDP of the Emirates grew up to 4.6 percent year-on-year to reach Dh307.5 billion.
Sustainable Market Growth
According to the director-general of the Dubai Land department - Sultan Butti bin Mejren - "the real estate sector of the Emirates had defined its ability to improve the attractiveness and sustain rapid growth as an " Investment magnet."
He added: "Early in 2023, we announced our 2026 strategic plan, demonstrating a blueprint for establishing Dubai as one of the best real markets in the world by ensuring some factors." And these factors are:
- Harnessing the trendy technologies to develop new solutions
- Creating a data-driven sector that encourages investment
- Promoting innovation
- Ensuring effective governance
"The Dubai Land Development has extensively worked to improve the real estate investment by offering:
- Seamless services,
- Fostering a digital ecosystem,
- Increasing the capabilities of our human resources to manage the highest level of excellent service,
- Introducing supportive regulations, and
- Consolidating several data sources
Furthermore, we have maintained a strong focus on maintaining and implementing best practices and global standards in the local real estate market."
What Else?
The Dubai real estate market will continue to grow in 2023 also because of the services and investment-friendly norms that Dubai offers to investors. It’s a great achievement for the government that investors value and keep their trust in the real estate market. And hope that it'll continue to accelerate and be lucrative for all.
