Dubai's real estate sector achieves record growth

Dubai's real estate sector has grown by 80 per cent with transactions valued at AED 157 billion for the first three months of 2023, according to figures released by Dubai Media Office

That total compares to figures of 87 billion for the first quarter of 2022.

The number of real estate transactions grew by 49 per cent - from 26,006 to 38,715 - while real estate sales values jumping 62 per cent at AED 89 billion compared to AED 55 billion in the first three months of last year.

Meanwhile the number of new investors posted a growth of 12 per cent while the percentage of non-residential investors grew from 36 per cent to 45 per cent.

Commenting on the figures, H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, UAE Deputy Prime Minister, Deputy Ruler of Dubai and Minister of Finance, said the record figures "reflects the trust in Dubai’s economy and its future, and follows the footprints of Dubai’s D33 economic agenda."

#Dubai’s real estate sector achieves record growth in the first quarter of 2023 pic.twitter.com/OjuizAraCq

— Dubai Media Office (@DXBMediaOffice) April 19, 2023

Dubai’s real estate sector performance reached a total transaction value of AED 157B in the first quarter of 2023, an 80% increase from Q1 2022. The sector is witnessing record growth since the beginning of last year, which reflects the trust in Dubai’s economy and its future,… pic.twitter.com/inN3lydwzd

— Maktoum Bin Mohammed (@MaktoumMohammed) April 19, 2023