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The local real estate market in Dubai has added 80 new active projects since the beginning of 2023, with a total value of 26 billion dirhams. These projects will add more than 29,000 units of various uses and spaces, according to data on the website of the Dubai Land Department.
The data showed that the new active projects will inject various products into the real estate market in Dubai, between residential, commercial and hotel, and are likely to be completed within the next 5 years, as most of them have entered into force, while others are still under design and preparation.
Among the most prominent projects announced since the beginning of this year, for more than one billion dirhams, are the “Al Habtoor Tower”, whose investment value exceeds billions of dirhams, and the “Bugatti Residences” project, which will be developed by “Binghatti Developments” in cooperation with “Bugatti” luxury cars, at a value of 1.89 billion dirhams. (According to Dubai Land Real Estate data), “Crystal Tree” with a value of 1.385 billion dirhams, and “Design Quarter” with 1.216 billion dirhams.
Among other distinguished projects, more than 500 million dirhams, “The Cove 2” with a value of 822 million dirhams, “Verdi by Sobha” with 749 million dirhams, “Bvlgari Lighthouse” with 680 million dirhams, and “Alvira” by Emaar B. 617 million dirhams, “Expo City Mangrove Residences” with 589 million dirhams, “Park View Residences B” with 638 million dirhams, “Urla” by “Omniyat” with 515 million dirhams, and “Nad Al Sheba Gardens” with 512 million dirhams. .
The number of active projects less than 100 million dirhams reached 25 projects, with a total value of 1.85 billion dirhams, ranging from 21 million dirhams for the “Samana Miami” project and 95 million dirhams for “Time 2”.
Number of buildings
The number of buildings under construction in Dubai during 2022 amounted to about 13,236 buildings, with a growth of 11.4% compared to 2021, which recorded 11,883 buildings, according to the latest data of the “Dubai Municipality” and published by the “Dubai Statistics Center”.
Buildings under construction included private villas in the first place with 6171 buildings, followed by investment villas in the second place with 4704 buildings, multi-storey buildings came in third place with 1045 buildings, then public buildings fourth with 800 buildings, and finally in fifth place came industrial buildings with 516 buildings. building.
buildings value
The total value of the buildings completed in Dubai during the year 2022 amounted to about 20.7 billion dirhams for 1941 buildings by the end of 2022. The completed multi-storey buildings topped the list in terms of value, recording about 14.7 billion dirhams, followed by private villas second with 2.711 billion dirhams, then public buildings third. At about 2.463 billion dirhams, investment villas fourth at a value of 501 million dirhams, and finally industrial buildings at about 334 million dirhams.
