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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, Prime Minister and Ruler of the UAE. Dubai, may God protect him, and the ambitious strategic goals set by His Highness in the Dubai Economic Agenda for the next ten years (D33), foremost of which is doubling the size of Dubai’s economy and making it among the 3 largest economic cities in the world.
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 the year 2021, with a total of 528 billion dirhams.
Hamdan bin Mohammed: An exceptional performance that reflects Mohammed bin Rashid’s vision for one of the largest economic cities
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 global business institutions, confirming the advanced range Of the confidence that Dubai enjoys among 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. And the visit.”
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, and 78.4% of the number of investments. 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 the 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 what supports that distinguished position of highly efficient and reliable infrastructure. It is 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 what Dubai enjoys. Among the highest rates of safety and stability, which are factors that confirm Dubai’s position as a global center for trade and investment.
It should also be noted that 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 the year 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 ten years, focusing on doubling the size of Dubai’s economy and making it among the 3 best economic cities in the world, and total economic targets amounting to 32 trillion dirhams.
The record results included in the Dubai Real Estate Dispositions Report 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 effective and structured partnerships. Pioneering digital infrastructure and qualified human cadre.
Pioneering capabilities for sustainable growth
Sultan Butti bin Mejren, Director General of the Dubai Land Department, said: “The real estate sector in Dubai demonstrates 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, Vice President of Dubai. The UAE Prime Minister and Ruler of Dubai, who, with his wise vision and innovative initiatives, stimulated the capabilities of the real estate sector and its workers. 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 capabilities to provide a supportive environment that contributes to translating the directives of the wise leadership in order to achieve all economic goals in a timely manner, and in cooperation with All partners from the public and private sectors.
Bin Mejren added: “Dubai Land has always taken a developmental approach that takes into account the best practices and standards followed globally, and with the beginning of 2023 we announced our new strategic plan until 2026, aimed at strengthening Dubai’s global leadership in the field of real estate investment, by enabling the sector’s readiness and sustainability, and ensuring effective governance.” sector, creating an incubating environment for real estate innovation, and harnessing technology to develop real estate products, thus attracting more investors from around the world.
