Dubai real estate transactions net Dhs429.67bn at end of Sept ’23

Real estate transactions in Dubai have seen robust growth in the first nine months of 2023, recording a rise of more than 36.7 per cent in value and 33.8 per cent in number of transactions compared to the same period in 2022.

According to the Dubai Land Department, 116,116 real estate transactions worth Dhs429.67bn, were recorded in Dubai in this period.

Real estate investments also witnessed steady growth during the first three quarters of the year, with 81,669 investors registering 109,186 real estate investments worth Dhs278.7bn, a growth of 50.3 per cent in value, 33.3 per cent in the number of investments, and 37.4 per cent in the number of investors.

Real estate sector has supported Dubai’s journey as a global economic hub

Sultan Butti bin Mejren, director general of Dubai Land Department, highlighted the consistent positive performance of the emirate’s real estate sector and its role in advancing Dubai’s reputation as one of the world’s leading economic hubs.

“Dubai’s real estate sector has set a global example for growth and excellence as well as played a vital role in propelling the national economy forward and driving comprehensive development efforts aimed at raising the emirate’s status as a leading economic powerhouse.

“Dubai has effectively embraced ambitious real estate strategies, pioneering methodologies, and cutting-edge technologies. These initiatives have significantly enhanced transparency and fostered trust among a diverse range of local and international investors. Dubai continues to offer its residents a high quality of life and world-class services. We are steadfast in our commitment to raising service and quality benchmarks in the real estate sector, serving as a model for the world’s advanced cities.”

Top areas for transactions and mortgages

In terms of transactions, at the end of September 2023, Al Barsha South Fourth headed the list of top 10 areas with 10,351 transactions, followed by Dubai Marina (9,071), Business Bay (7,414), Wadi Al Safa 5 (5,602), Al Mirkadh (5,538), Al Thanyah 5 (5,437), Burj Khalifa (5,220), Al Khiran First (4,567), Hadaeq Mohammed bin Rashid (4,195), and Jebel Ali First (3,737).

The top 10 areas in terms of transactional value include Dubai Marina, which tops the list with transactions worth over Dhs36.7b, followed by Palm Jumeirah (Dhs28.51bn), Jebel Ali Industrial First (Dhs27.93bn), and Wadi Al Safa 3 (Dhs25.33bn), Business Bay (Dhs20.08bn), Burj Khalifa (Dhs17.86bn), El Merkadh  (Dhs14.53bn), Al Khairan First (Dhs13.81bn), Hadaeq Mohammed bin Rashid (Dhs13.6bn), and Jebel Ali First (Dhs12.91bn).

Dubai Marina ranked first among the top 10 areas in terms of mortgages with 1,186, followed by Al Thanyah Fifth (879), Al Barsha South Fourth (879), Burj Khalifa (874), Jebel Ali First (789), Al Awir First (743), Hadaeq Mohammed bin Rashid (665), Business Bay (652), Wadi Al Safa 5 (629), and Palm Jumeirah (526).

Jebel Ali First area topped the ranking in terms of the value of mortgages (Dhs27.78bn), followed by Wadi Al Safa 3 (Dhs14.97bn), Jebel Ali First (Dhs6.96bn), Palm Jumeirah (Dhs6.19bn), and Dubai Marina (Dhs5.02bn), Business Bay (Dhs4.11bn), El Merkadh (Dhs3.45bn), Al Khairan (Dhs3.04bn), Al Barsha South Fourth (Dhs2.41bn) and Burj Khalifa (Dhs2.24bn).

Dubai Land Department data also revealed that 27,120 women registered 32,557 investments worth Dhs62.38bn, recording a growth of 36.1 per cent in investments, 53.8 per cent in value, and 38.2 per cent in terms of the number of female investors, compared to the same period in 2022.