He stressed that the exceptional performance of the sector reflects the vision of Mohammed bin Rashid to make Dubai among the 3 largest economic cities in the world

Hamdan bin Mohammed: The real estate sector in Dubai concludes 2022, exceeding half a trillion dirhams for the first time

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His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, affirmed that «the exceptional growth of the real estate sector in the emirate reflects the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the ambitious strategic goals that His Highness identified it in Dubai's economic agenda for the next 10 years (D33), foremost of which is doubling the size of Dubai's economy and making it among the three largest economic cities in the world.

His Highness said in a tweet on Twitter: "With a record growth of 76.5%, in terms of value, the real estate sector in Dubai concludes 2022, surpassing half a trillion dirhams for the first time. The exceptional performance of the sector reflects Mohammed bin Rashid's vision to make Dubai among the 3 largest economic cities." in the world, and highlights the extent of the global investor's confidence in its economy.

The real estate sector

This came on the occasion of the issuance of the Real Estate Dispositions Report in Dubai for the year 2022, which showed that the real estate sector in the emirate has ended an exceptional year, achieving record results whose value exceeded for the first time half a trillion dirhams, with a growth rate of 44.7% in terms of volume, and 76.5% in terms of value compared to in 2021, with a total of 528 billion dirhams.

Commenting on the results that highlight the strength of Dubai's economic performance and its continued growth within its various vital sectors, His Highness the Crown Prince of Dubai said: "The record results achieved by the real estate sector during the past year keep pace with the development of Dubai as a first global destination that attracts investment, investors and international business institutions, confirming the extent The advanced level of confidence that Dubai enjoys in the global investment community.

His Highness added, “The real estate sector is a vital sector that represents a major support for the emirate’s future directions within the Dubai Urban Plan 2040 and the economic agenda for the next decade.

The continuous growth of the business-friendly environment in Dubai, which attracts talents and competencies from around the world, is accompanied by the development of its infrastructure in a manner that establishes its position as the best city in the world to live, work and visit.

record growth

The year 2022 witnessed the registration of 122,658 real estate transactions, with a value of 528 billion dirhams, while real estate investments recorded during the past year 115,183 investments, with a value of 264.15 billion dirhams, owned by 80,216 investors, with a growth of 59.5% in terms of the number of investments. , 78.4% in terms of value, and 53% in terms of the number of investors compared to 2021.

The exceptional growth in the real estate sector is in line with the prosperity of Dubai’s position as a city of the future and a major destination for investors and major international institutions, as well as the preferred destination for competencies in various disciplines, as it represents the most effective gateway to cross into the region’s markets, especially emerging ones, and to support that distinguished position in terms of infrastructure. Highly efficient and reliable, considered one of the best in the world, as well as the advanced level of logistics services provided by the Emirate, as well as flexible legal and regulatory frameworks that contribute to creating a business-friendly environment that ensures ease of establishing companies and doing business, attracts talents and minds from around the world and encourages creativity and innovation, in addition to Dubai enjoys the highest rates of safety and stability, which are factors that confirm Dubai's position as a global center for trade and investment.

Dubai economy

Despite the difficulties faced by most of the world's economies, Dubai's economy succeeded in achieving a growth of 4.6% during the first nine months of 2022, compared to the same period in 2021, with a total value of 307.5 billion dirhams.

The Dubai Economic Agenda, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, set a set of ambitious goals for the next 10 years, focusing on doubling the size of Dubai's economy, making it among the three best economic cities in the world, and total economic targets amounting to 32 trillion dirhams.

The record results included in the Real Estate Dispositions Report in Dubai for the year 2022 constitute a motive that contributes to achieving the new strategic vision of the Department of Land and Property 2026, aimed at strengthening global leadership in real estate investment, and emphasizing the empowerment of the real estate community through proactive and smooth real estate services, integrated legislation and data, and partnerships. Effective, leading digital infrastructure and qualified human cadre. 

• 115.18 thousand real estate investments, with a value of 264.15 billion dirhams, owned by 80.2 thousand investors during 2022.

Dubai Crown Prince:

• "The record results of the real estate sector keep pace with the development of Dubai as a first global destination that attracts investment."

• "The real estate sector is a vital sector that represents a major support for the emirate's future directions."

• «The continuous growth of the business-friendly environment in Dubai, accompanied by the development of its infrastructure in a manner that establishes its position as the best city in the world to live, work and visit».

 Achieving sustainable growth

Sultan Butti bin Mejren, Director General of the Dubai Land Department, said: “The real estate sector in Dubai shows its pioneering ability to achieve sustainable growth and enhance its attractiveness to attract investments and deals, which would not have been possible without the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, who stimulated With his wise vision and innovative initiatives, the capabilities of the real estate sector and its employees.

And at a time when Dubai is stepping towards global leadership and is at the forefront of the global economic scene, the results witnessed by the real estate sector in 2022 will undoubtedly be reflected in the ability of the sector and its potential to provide a supportive environment that contributes to translating the directives of the wise leadership in order to achieve all economic goals on time, and in cooperation with All partners from the public and private sectors.

The year 2022 witnessed the registration of 122.6 thousand real estate transactions in Dubai.

Photography: Ashok Verma

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