Record-breaking results of Dubai’s real estate sector in 2023

The Dubai Land Department (DLD) achieved an unprecedented milestone in 2023 with a record-breaking number of transactions. In the span of a year, there were approximately 1.6M deals related to various real estate activities, such as property transactions and rental agreements. This represents a significant growth of 16.9% compared to the previous year, which saw around 1.3M transactions.

Marwan bin Ghalita, Acting Director General of the DLD, proudly announced the details of this remarkable achievement and emphasised the department’s unwavering dedication to supporting the vision of Dubai and the UAE in becoming the world’s most dynamic economy. With transactions surpassing AED 634B (USD 172.6B), it is evident that the property sector is playing a pivotal role in driving economic growth.

During the same period, the value of real estate investments grew by a staggering 55%, reaching approximately AED 412B (USD 112.2B). Just over 113,600 owners and 71,000 new investors joined the market, and contributed to the property transactions.

These record-breaking results not only showcase Dubai’s economic prowess but also underscore the Dubai Land Department’s commitment to its strategic vision of becoming a global leader in attracting property investment. The outstanding performance of the real estate sector will undoubtedly contribute to the realisation of the ambitious goals outlined in the Dubai Economic Agenda, D33.

Bin Ghalita expressed his immense pride, highlighting the remarkable achievements of 2023 and assured the public that the Dubai Land Department (DLD) is fully committed to supporting the continuous growth and development of the property market in the upcoming years.

The Dubai Land Department plays a crucial role in enabling and supporting the real estate community. They achieve this by providing seamless services, implementing effective legislation, and ensuring integrated data through strategic partnerships. Furthermore, the DLD is at the forefront of digital innovation, boasting leading virtual infrastructure that further empowers the real estate sector. All of these efforts align with the DLD’s strategic goals, with a special emphasis on ensuring the future readiness and sustainability of the property market.