The Dubai real estate sector saw AED283bn ($77bn) of transactions in the first six month of the year, according to data compiled by the city land department.
It is further sign of the booming sector, with a further 42,583 real estate units being registered in that time.
Meanwhile Dubai witnessed the completion of nine real estate projects worth AED4.06bn ($1.1bn), between January and June.
Dubai real estate
According to data issued by the Dubai Land Department (DLD), 392 real estate projects are currently being developed in the emirate.
The latest figures further validate Dubai’s status as one of the world’s leading real estate investment destinations and the sector’s ability to sustain its growth over the long term.
They also support the leadership strategic vision for economic development and the ambitious goals outlined by the Dubai Economic Agenda D33.
In other figures that demonstrate the continued confidence of local and international investors in Dubai’s real estate market, the first half of the year witnessed the registration of 42,583 real estate units.
During this period, 47,187 units worth AED96bn ($26.1bn) and 5,546 villas worth AED15bn ($4bn) were sold.
The number of real estate developers registered in DLD’s database reached 174.
The rental market in Dubai saw a robust performance in the first half of the year.
Total lease contracts registered in the first half reached 355,515. Among these contracts, 166,368 were new contracts, while 189,147 were lease renewals.
Efficient and proactive services, a well-developed and supportive infrastructure and the market’s inherent sustainability and resilience were key factors that contributed to this performance.
In the first half of 2023, the Dubai Land Department issued 4,416 real estate licenses, reflecting increasing demand for licenses for real estate various activities.
Real estate licenses saw a remarkable growth of 55 per cent compared to the first half of 2022.
The high growth in licences demonstrates the department’s efforts to bolster the real estate community’s growth by providing proactive and efficient real estate service as well as the sector’s attractiveness to real estate development companies and brokers.
The activity-wise break-up of licences issued in H1 2023 is as follows:
- Brokerage in the sale and purchase of properties (1,592)
- Brokerage in rental properties (1,008)
- Follow-up services (842)
- Administrative supervision services for jointly owned property management companies (369)
- Purchase and sale of land and properties (240)
- Real estate development (148)
- Private real estate management (56)
- Real estate mortgage brokers (47)
- Commercial complexes (37)
Other activities for which licences were issued included shopping centres and administrative supervision services for jointly owned real estate management companies.
In the first half of 2023, Dubai’s real estate sector saw the registration of 76,119 real estate transactions worth AED283bn ($77bn).
10 areas with most real estate transactions this year
- Al Barsha South Fourth, with 7,228 transactions
- Dubai Marina (6,618)
- Business Bay (4,792)
- Wadi Al-Safa 3 (4,140)
- Burj Khalifa (3,526)
- Al Thanyah Fifth (3,417)
- Al Khairan First (3,333)
- Hadaeq Mohammed bin Rashid (3,207)
- El Merkadh (3,091)
- Al Hebiah Fifth (2,288)
Areas with highest real estate transaction value this year
- Dubai Marina (AED24.96bn/$6.8bn)
- Wadi Al Safa 3 (AED20.99bn/$5.7bn)
- Palm Jumeirah (AED19.43bn/$5.3bn)
- Jebel Ali Industrial First (AED14.02bn/$3.8bn)
- Business Bay (AED13.3bn/$3.6bn)
- Al Khairan First (AED10.81bn/$2.9bn)
- Hadaeq Mohammed bin Rashid (AED10.27bn/$2.8bn)
- Jebel Ali First (AED9.64bn/$2.6bn)
- El Merkadh (AED9.41bn/$2.6bn)
Dubai Marina ranked first among the top 10 areas for number of mortgages with 760, followed by Al Barsha South Fourth (538), Al Thanyah Fifth (536), Burj Khalifa (520), Al Awir First (496), Jebel Ali First (473), Hadaeq Mohammed bin Rashid (453), Wadi Al Safa 5 (409), Business Bay (400), and Palm Jumeirah (347).
Wadi Al Safa 3 area topped the list in terms of the value of mortgages (AED14.25bn/$3.9bn), followed by Jebel Ali First Industrial (AED13.91bn/$3.8bn), Jebel Ali First (AED6.15bn/$1.7bn), Palm Jumeirah (AED4.47bn/$1.2bn), El Merkadh (AED3.27bn/$890m), Al Khairan (AED9.71bn), Dubai Marina (AED2.55bn/$694m), Business Bay (AED2.51bn/$683m), Nad Hessa (AED1.83bn/$498m), and Warsan 1 (AED1.74bn/$474m).
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