Dubai records completion of 55 real estate projects worth $3.24bn in 2022

A total of 122,658 real estate transactions were conducted in Dubai in 2022, valued at Dhs528bn.

Read: Dubai’s real estate sector marks major milestone, value of transactions crosses Dhs500bn in 2022

The past year also saw the completion of 55 real estate projects worth Dhs11.9bn ($3.24bn), marking a growth of 57 per cent in number and 8 per cent in value. A total of 350 real estate projects are also currently being developed across the emirate.

During 2022, #Dubai witnessed the completion of 55 real estate projects worth AED11.9 billion, with a growth of 57% in number, and 8% in value, and a total of 350 real estate projects are currently being developed in the emirate.https://t.co/wVyTPrQJgB pic.twitter.com/ZLDQx4AMFI

— Dubai Media Office (@DXBMediaOffice) January 18, 2023

The Dubai Land Department (DLD) has worked to enhance the real estate investment environment of the emirate, Dubai Media Office reported. It has achieved so by offering supportive regulations, fostering a digital ecosystem, consolidating data sources via partnerships and raising the capabilities of its human resources.

The number of real estate developers registered in DLD’s database in 2022 reached 140, while the number of registered real estate brokers reached 12,989. A total of 5,703 new brokers, who registered in the emirate last year, contributed to 24,824 procedures, representing a value of Dhs5.33bn.

Additionally, the number of registered real estate brokerage offices reached 1,391, while 78 real estate evaluators were registered with DLD, 12 of whom were new.

The number of registered real estate valuation offices reached 42, including two new offices, while the number of real estate offices reached 2,704.

The past year also saw 80,216 investors registering 115,183 new real estate investments valued at Dhs264.15bn, posting an annual growth of 59.5 per cent in volume and 78.4 per cent in value. The number of investors in 2022 grew by 53 per cent compared to 2021.

The emirate’s economy continues to witness strong growth despite the challenging global economic situation. In the first nine months of 2022, the emirate’s GDP grew 4.6 per cent year-on-year to reach Dhs307.5bbn. The recently launched Dubai Economic Agenda D33 features total economic targets of Dhs32tn over the next 10 years.

Read: Here’s what Dubai’s ambitious D33 agenda aims to achieve