Record high transactions boost Dubai real estate market

Dubai's real estate market experienced a record-breaking year in 2023, with 1.6 million transactions across various segments, a 17% increase from the previous year. The total value of these deals reached Dh634 billion ($172.6 billion), marking a 20% annual growth in value and a 36% rise in the number of transactions. New real estate investments grew by 55% to almost Dh412 billion, with 71,002 new investors entering the market. The percentage of non-resident investors climbed to 42% of the total new investors. These results reflect the strength and versatility of Dubai's economic performance, which is expected to help the emirate achieve its Dubai Economic Agenda D33 goals, including doubling the size of Dubai's economy by 2033. The consistent increase in the emirate's population, along with government initiatives such as residency permits for retired and remote workers, and the expansion of the 10-year golden visa programme, have contributed to the rebound of Dubai's property market. The emirate's residential market recorded its highest quarterly price rise in a decade in the third quarter of last year, and the count of female investors surged to 38,059, contributing Dh90.5 billion through 46,725 investments.