Dubai’s actual property transactions skyrocket to Dh157 billion in Q1-2023, surging by 80%

“We stay dedicated to additional elevating the funding attractiveness of Dubai’s actual property sector and its emergence as one of many world’s pre-eminent actual property funding locations,” he added.

Dubai’s actual property sector maintained its excessive progress momentum within the quarter ending March 31, recording 38,700 transactions price Dh157 billion, 49 per cent enhance in quantity from Q1-2022, which noticed 26,000 transactions price Dh87 billion. The expansion helps the aims of the Dubai Financial Agenda D33, introduced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, to extend non-public sector investments and place Dubai on the forefront of world cities.

Key measures undertaken by the Dubai Land Division to make sure the sustainable progress of the sector helped obtain actual property gross sales price Dh89 billion in Q1 2023, a 62 per cent enhance from the identical interval in 2022 that noticed gross sales price Dh55 billion. The variety of new traders coming into the emirate’s actual property market in Q1-2023 rose to 13,338, a 12 per cent progress from Q1-2022. Non-resident traders accounted for 45 per cent of complete acquisitions, a rise of 25 per cent.

“We’re strongly dedicated to the great growth of the sector as a part of our efforts to make sure Dubai reinforces its place as one of many world’s greatest actual property funding locations,” mentioned Sultan Butti bin Mejren, Director-Basic of the Dubai Land Division.