Dubai [UAE], April 20 (/WAM): Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE, said the outstanding performance of Dubai's economic sectors reflects the vision and foresight of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the goal of the Dubai Economic Agenda D33 to consolidate the emirate's position as one of the world's top three cities.
Sheikh Maktoum's comments followed a review of the performance of Dubai's real estate sector in the first quarter of 2023. The sector recorded a total transaction value of AED157 billion in Q1 2023, an 80pc increase from the same period in 2022. The sector recorded annual transactions worth a total of AED528 billion in the year 2022.
"Dubai's real estate sector is one of the key drivers of economic growth and a major factor in maintaining Dubai's position in the global economy," Sheikh Maktoum said.
"As one of the most important pillars of the economy, the sector is a vital contributor to the emirate's efforts to achieve the goals of the Dubai Economic Agenda D33. We remain committed to further raising the investment attractiveness of Dubai's real estate sector and its emergence as one of the world's pre-eminent real estate investment destinations," he added.
Exceptional performance
Dubai's real estate sector maintained its high growth momentum in Q1 2023, recording 38,700 transactions worth AED157 billion, an 80pc increase in value and a 49pc increase in volume from Q1 2022, which saw 26,000 transactions worth AED87 billion. The growth supports the objectives of the Dubai Economic Agenda D33, announced by Sheikh Mohammed bin Rashid Al Maktoum, to increase private sector investments and place Dubai at the forefront of global cities.
Key measures undertaken by the Dubai Land Department to ensure the sustainable growth of the sector helped achieve real estate sales worth AED89 billion in Q1 2023, a 62pc increase from the same period in 2022 that saw sales worth AED55 billion. The number of new investors entering the emirate's real estate market in Q1 2023 rose to 13,338, a 12pc growth from Q1 2022. Non-resident investors accounted for 45pc of the total acquisitions, an increase of 25pc.
Sultan Butti bin Mejren, Director General of the Dubai Land Department, said: "We are strongly committed to the comprehensive development of the sector as part of our efforts to ensure Dubai reinforces its position as one of the world's best real estate investment destinations.
"The sector saw record results last year, an achievement made possible by Dubai's robust infrastructure, as well as its sound legislative framework and the visionary initiatives of HH Sheikh Mohammed bin Rashid Al Maktoum," he added.
Dubai's real estate sector registered AED528 billion worth of transactions in the year 2022, a 44.7% increase in volume and 76.5pc increase in value compared to 2021.
The Dubai Land Department continues to work to maintain the growth momentum of the emirate's real estate sector by providing proactive and streamlined real estate services backed by integrated legislation, productive partnerships, a state-of-the-art digital infrastructure, and a highly qualified team. (/WAM)
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