Nine real estate projects with a total value of Dh4.06 billion were completed in Dubai in H1 2023. According to data released by the Dubai Land Department (DLD), a total of 392 real estate projects are currently under development in the emirate.
The latest figures further confirm Dubai's position as one of the world's leading real estate investment destinations and the sector's ability to sustain growth over the long term. The figures also support the Dubai leadership's strategic vision for economic development and the ambitious goals set out in Dubai's Economic Agenda D33.
Other data also demonstrates the continued confidence of local and international investors in Dubai's property market, with 42,583 property units registered in the first half of the year.
During this period, 47,187 units worth Dh96 billion and 5,546 villas worth Dh15 billion were sold. The number of property developers registered in the DLD database reached 174.
Dubai's rental market performed strongly in the first half of the year. The total number of leases registered in the first half of the year reached 355,515. Of these, 166,368 were new leases and 189,147 were renewals. Efficient and proactive services, comprehensive infrastructure
Efficient and proactive services, a well-developed and supportive infrastructure, and the inherent sustainability and resilience of the market are all key factors contributing to this performance.
During H1 2023, the Dubai Land Department issued a total of 4,416 real estate licences, reflecting the growing demand for licences for various activities in real estate. This represents a significant increase of 55 per cent in real estate permits compared to the first half of 2022.
The high growth in permits demonstrates the department's efforts to promote the real estate sector through the provision of proactive and efficient real estate services, as well as the attractiveness of the sector to real estate development companies and brokers.
The breakdown of licences issued in the first half of 2023, by activity, is as follows: real estate purchase and sale brokerage (1,592), real estate rental brokerage (1,008), follow-up services (842), administrative and regulatory services for joint venture real estate management companies (369), land and real estate purchase and sale (240), real estate development (148), private real estate management (56), real estate mortgage brokerage ( 47) and commercial complexes (37). Other activities licensed include shopping centres and administrative supervision services for jointly owned real estate management companies.
