Dubai’s real estate sector experienced remarkable growth in the first half of 2023, witnessing the completion of nine impressive projects valued at Dh4.06 billion. According to data released by the Dubai Land Department (DLD), the emirate currently boasts 392 ongoing real estate projects.
The period also saw an astounding 42,583 real estate units getting registered, with a whopping 47,187 units worth Dh96 billion and 5,546 villas worth Dh15 billion being successfully sold. This impressive performance led to a surge in the number of registered real estate developers in DLD’s database, reaching a total of 174.
Dubai’s rental market was equally robust during this period, with a staggering 355,515 lease contracts being registered in the first half. Among these, 166,368 were new lease contracts, while 189,147 were renewals. The city’s efficient and proactive services, well-developed infrastructure, and its inherent sustainability and resilience played pivotal roles in achieving this remarkable performance.
During the first half of 2023, the DLD issued an impressive 4,416 real estate licenses, indicating a substantial 55 percent growth compared to the same period in the previous year.
The top areas for real estate transactions were Al Barsha South Fourth, leading the pack with 7,228 transactions, followed closely by Dubai Marina (6,618), Business Bay (4,792), Wadi Al-Safa 3 (4,140), Burj Khalifa (3,526), Al Thanyah Fifth (3,417), Al Khairan First (3,333), Hadaeq Mohammed bin Rashid (3,207), El Merkadh (3,091), and Al Hebiah Fifth (2,288).
In terms of transaction value, Dubai Marina emerged as the clear winner, with transactions amounting to over Dh24.96 billion, followed by Wadi Al Safa 3 (Dh20.99 billion), Palm Jumeirah (Dh19.43 billion), Jebel Ali Industrial First (Dh14.02 billion), Business Bay (Dh13.3 billion), Al Khairan First (Dh10.81 billion), and Hadaeq Mohammed bin Rashid (Dh10.27 billion), among others.
When it came to real estate mortgages, Dubai Marina secured the top spot with 760 mortgages, closely followed by Al Barsha South Fourth (538), Al Thanyah Fifth (536), Burj Khalifa (520), and Al Awir First (496).
In terms of the value of mortgages, the Wadi Al Safa 3 area stood out with a remarkable Dh14.25 billion, followed by Jebel Ali First Industrial (Dh13.91 billion), Jebel Ali First (Dh6.15 billion), and Palm Jumeirah (Dh4.47 billion).
Overall, Dubai’s real estate market showcased immense potential and growth in the first half of 2023, solidifying its position as a thriving global destination for real estate investment and development.
Original article reference: Gulf News.