Dubai sees completion of 9 real estate projects worth Dh4.06 billion in the first half of 2023

Dubai sees completion of 9 real estate projects worth Dh4.06 billion in the first half of 2023

The rental market in Dubai saw a robust performance in the first half of the year. Total lease contracts registered in the first half reached 355,515. Among these contracts, 166,368 were new contracts, while 189,147 were lease renewals. Efficient and proactive services, a well-developed and supportive infrastructure and the market’s inherent sustainability and resilience were key factors that contributed to this performance.

The activity-wise break-up of licences issued in H1 is as follows: Brokerage in the sale and purchase of properties (1,592), brokerage in rental properties (1,008), follow-up services (842), administrative supervision services for jointly owned property management companies (369), purchase and sale of land and properties (240), real estate development (148), private real estate management (56), real estate mortgage brokers (47), and commercial complexes (37). Other activities for which licences were issued included shopping centres and administrative supervision services for jointly owned real estate management companies.

In the first half of 2023, Dubai’s real estate sector saw the registration of 76,119 real estate transactions worth Dh283 billion. Al Barsha South Fourth topped the list of top 10 areas for the number of transactions with 7,228 transactions, followed by Dubai Marina (6,618), Business Bay (4,792), Wadi Al-Safa 3 (4,140), Burj Khalifa (3,526),