Dubai’s real estate sector contributes 7.2% to GDP in 2019

Dubai’s real estate sector contributes 7.2% to GDP in 2019

UAE - Mubasher: The real estate sector contributed by 7.2% of the GDP growth in Dubai in 2019 by adding AED 29.4 billion, up 3.3% when compared to 2018.





Dubai GDP grew by 2.2% to AED 407 billion in 2019, compared to AED 389 billion during the earlier year, according to the annual report on real estate sector performance 2020 by the Dubai Land Department (DLD).





In 2014, the real estate sector contributed to 6.3% of Dubai GDP.





Meanwhile, the number of real estate transactions increased by 8% to over 57,000 in 2019 from 52,000 in the earlier year.





The real estate transaction value rose by 2.1% to around AED 226 billion last year from AED 221 billion in 2018, driven by the growth in the value of sales and mortgages. 





The number of real estate investments recorded over 47,000 investments in 2019, up 18% from 40,000 in 2018.