Dubai real estate deals rise to $173bn in 2023

Wam

Dubai recorded 166,400 real estate transactions valued at AED634 billion ($172.61 billion) in 2023, according to official Dubai Land Department (DLD) data.

Real estate investments grew 55 percent year on year to AED412 billion, propelled by 113,655 investors, including 71,002 new entrants, marking a 20 percent rise year on year, the UAE state-run Wam news agency reported.

The portion of non-resident investors rose to 42 percent of total new investors.

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Total volume of transactions reached a new high of 1.6 million, rising 16.9 percent annually, across various real estate activities, ranging from real estate transactions to rental agreements in 2023.  

The results indicate the strength and versatility of Dubai’s economic performance, said Marwan bin Ghalita, acting director general of the DLD.

According to the official data, 7,449 GCC investors accounted for 10,441 investments valued at AED30.75 billion.

Arab investors injected more than AED29.23 billion through 17,047 investments. Additionally, foreign investors contributed AED276.28 billion through 122,937 investments.

In 2023, female investors reached 38,059, surging 42.5 percent year on year,  investing AED90.5 billion, an annual increase of 53.9 percent.

Experts told AGBI this week that Dubai’s real estate market is running “a bit hot”, but it is not heading towards a bubble or another catastrophic crash.

Residential sales prices in the emirate increased 20 percent last year, while city-wide rents grew 9 percent higher, according to the latest research from Cushman & Wakefield Core.

The real estate sector contributes around 9 percent towards the emirate’s GDP.