Wed 25-01-2023 17:56 PM
DUBAI, 25th January, 2023 (WAM) – The Business Bay area in Dubai recorded the highest number of real estate transactions last year, according to statistics from the Dubai Land Department (DLD). 10,853 transactions were recorded in the area, with other top locations including Dubai Marina, Al Barsha South 4, Burj Khalifa, Al Merkadh, Al Hebiah 5, Jebel Ali 1, Hadaeq Mohammad bin Rashid, Al Thanyah 5, and Palm Jumeirah. The strong prospects for sustainable economic and real estate market growth, Dubai's rising profile as a desirable city to live and work, its exceptional infrastructure, and supportive regulations have all contributed to a remarkable growth in real estate transactions. This supports the goals of the Dubai Economic Agenda D33, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to double the size of the emirate’s economy by 2033 and to make it one of the world’s top three cities.
The Wadi Al-Safa 3 area ranked first with over AED47.1 billion in value of transactions in 2022, followed by Palm Jumeirah (AED40.48 billion), Nad Al Sheba 1 (AED32.83 billion), Dubai Marina (AED32.71 billion), Jebel Ali First Industrial (AED28.84 billion), Business Bay (AED27.83 billion), El Merkadh (AED23.08 billion), Burj Khalifa (AED21.69 billion), Hadaeq Mohammed bin Rashid (AED17.8 billion) and Trade Centre First (AED15.39 billion).
Dubai recorded a total number of 122,658 real estate transactions worth AED528 billion in 2022.
Over the last few years, DLD has provided 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. These have enhanced the real estate investment environment in the emirate, and the sector is set to achieve greater growth in the future.