Media ININ Economy We Trust
September 6
Dubai government revenues from total sales of the real estate market, during the period extending from the beginning of 2023 until the end of August, achieved a noticeable jump of 57% to 10 billion dirhams, compared to about 6.37 billion dirhams for the same period in 2022, while the eight-month revenues reach, All revenues for the year 2022, which amounted to 10.3 billion.
According to data on the website of the Dubai Land Department, real estate market sales in the emirate, within 8 months, recorded 250 billion dirhams, a growth of 57%, compared to the same period in 2022, which amounted to 159.3 billion dirhams.
In terms of the number of sales transactions, during 8 months, 84,026 sales transactions were recorded, with a growth of 40.6% (59,752 transactions) compared to the same period in 2022.
It is worth noting that the total real estate transactions, within 8 months, amounted to 350 billion dirhams, resulting from 110,932 transactions, compared to 248.4 billion dirhams, resulting from 75,427 transactions during the same period in 2022, a growth of 41% and 47% in terms of value and number.
2022 revenue
Dubai government revenues from real estate sales achieved a noticeable jump during the year 2022 by 76.6% to 10.6 billion dirhams, compared to about 6 billion dirhams for the year 2021. Real estate sales in the emirate during 2022 recorded about 265.6 billion dirhams, a growth of 78% compared to 2021, which amounted to 149 billion. Dirham.
In terms of the number of transactions during 2022, 97,478 sales transactions were recorded, a growth of 62% compared to 2021, which included 70,887 real estate units, 9,740 buildings, and 16,851 lands.
It is noteworthy that real estate registration fees on buying and selling transactions in Dubai, at 4% of the total property value, are among the lowest among the most prominent and important global markets, such as the United Kingdom, which ranges between 3 and 5%, France, 6.5%, India, between 5 and 10%, and the United States. From 4 to 8% depending on the state, and in Singapore between 5 and 10%, with an addition of cost fees between 2 and 5% annually.
