Dubai witnessed the completion of nine real estate projects worth $1.1 billion (AED4.06 billion) in H1 2023, according to data issued by the Dubai Land Department (DLD).
As per DLD, currently there are 392 real estate projects are in the various stages of development in the emirate, WAM wrote in a statement,
The latest figures further validate Dubai’s status as one of the world’s leading real estate investment destinations and the sector’s ability to sustain its growth over the long term, the statement noted.
They also support the leadership strategic vision for economic development and the ambitious goals outlined by the Dubai Economic Agenda D33.
In other figures that demonstrate the continued confidence of local and international investors in Dubai’s real estate market, the first half of the year witnessed the registration of 42,583 real estate units.
During this period, 47,187 units worth AED96 billion, and 5,546 villas worth AED15 billion were sold. The number of real estate developers registered in DLD’s database reached 174.
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.
Real estate licences
In the first half of 2023, the Dubai Land Department issued 4,416 real estate licences, reflecting increasing demand for licences for real estate various activities. Real estate licences saw a remarkable growth of 55 percent compared to the first half of 2022.
The high growth in licences demonstrates the department’s efforts to bolster the real estate community’s growth by providing proactive and efficient real estate service as well as the sector’s attractiveness to real estate development companies and brokers.