Dubai real estate deals rise to $173bn in 2023

Dubai real estate deals rise to $173bn in 2023

Dubai recorded 166,400 real estate transactions valued at AED634 billion ($172.61 billion) in 2023, according to official Dubai Land Department (DLD) data. Real estate investments grew 55 percent year on year to AED412 billion, propelled by 113,655 investors, including 71,002 new entrants, marking a 20 percent rise year on year, the UAE state-run Wam news […]Dubai recorded 166,400 real estate transactions valued at AED634 billion ($172.61 billion) in 2023, according to official Dubai Land Department (DLD) data.

Real estate investments grew 55 percent year on year to AED412 billion, propelled by 113,655 investors, including 71,002 new entrants, marking a 20 percent rise year on year, the UAE state-run Wam news agency reported.

The portion of non-resident investors rose to 42 percent of the total new investors.

Total volume of transactions reached a new high of 1.6 million, rising 16.9 percent annually, across various real estate activities, ranging from real estate transactions to rental agreements in 2023.  

The results indicate the strength and versatility of Dubai’s economic performance, said Marwan bin Ghalita, acting director general of the DLD.

According to the official data, 7,449 GCC investors accounted for 10,441 investments valued at AED30.75 billion.

Arab investors injected more than AED29.23 billion through 17,047 investments. Additionally, foreign investors