Real estate transactions in Dubai maintained an exponential growth trajectory recording a 76.5 per cent increase in value to Dh528 billion compared to 2021.

The Dubai Land Department said on Thursday that a significant jump in real estate permits and real estate licences it issued in 2022 underscores the growing investor interest in Dubai and the real estate market’s competitiveness.

According to data, DLD issued a total of 9,047 real estate permits and 6,479 real estate licences in 2022, a growth of 46.6 per cent and 53 per cent respectively from 2021. Real estate transactions also maintained an exponential growth trajectory recording a 76.5 per cent increase in value to Dh528 billion compared to 2021.

“The sector’s exceptional performance supports the goals of the Dubai Economic Agenda D33,” DED said in a statement.

“The high growth in permits and licences reflects the growing demand from real estate investors across the world driven by Dubai’s strong growth outlook and the prospects of high returns in the local market. The growth also reflects the Dubai Land Department’s efforts to provide high-quality services, further enhance the competitiveness of the real estate market and ensure the protection of all stakeholders,” the statement said.

Real estate pundits say competitive rental yields of between six and-10 per cent, Dubai’s superior infrastructure & lifestyle, economic growth & stability, regulated market, income tax-free investment, and growing population are key factors behind its growing attraction as a global investor haven and a destination of choice for high net-worth individuals.

“The remarkable performance of the sector supports the goals of the Dubai Economic Agenda D33 launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to double the size of the emirate’s economy by 2033 and consolidate its status as one of the world’s top three cities,” said the DLD.

Most DLD permits in 2022 were issued for online ads with 7,947 permits, followed by classified ads (180), outdoor advertisements (164), vehicle advertisements (140), billboards (138), open-day announcements (95), text messages (84), real estate promotion platforms (75), printed advertisements (50), and project launch ceremonies (38). Permits were also issued for real estate seminars, promotional campaigns, real estate exhibitions, advertisements and newspapers, among others.

Ata Shobeiry, CEO of Zoom Property, said the Dubai property market is expected to sustain growth momentum on the back of strong demand from end-users and foreign and local investors.

“Dubai's position as a leading tourist destination, reformed policies by the government, relaxation in visa rules, and an expat-friendly environment; it’s a combination of all these factors that have helped to make Dubai property market a roaring success. I believe they will continue to contribute to the sector’s success in 2023 as well,” Shobeiry said.

The highest number of DLD licences were issued to brokerages buying and selling real estate (2,308), followed by real estate leasing brokerages (1,570), transaction follow-up services (1,273), administrative supervision services for real estate (491), buying and selling land and real estate (299), real estate development (161), and commercial complexes (117).

Other key categories in which licences were issued included jointly-owned property management services, mortgage brokers and shopping centres, among others.

“In line with its vision to transform Dubai into the world’s best real estate investment destination, the Dubai Land Department has worked to enhance the local market by providing seamless services, introducing supportive regulations, fostering a digital ecosystem, consolidating various sources of data through partnerships and raising the capabilities of its human resources to maintain the highest levels of service excellence. Driven by close cooperation between public and private stakeholders, the sector is set to achieve greater growth in the future,” the DLD said.


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