DUBAI: H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, said that the outstanding performance of Dubai's economic sector reflects the vision and foresight of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the objective of Dubai Economic Agenda D33 to consolidate Dubai's position as one of the world's three of the world's largest cities.

His Highness Sheikh Maktoum's comments come after reviewing the performance of Dubai's real estate sector in the first quarter of 2023. The sector recorded a total transaction value of Dh157 billion in the first quarter of 2023, an increase of 80% over the same period in 2022. The sector recorded an annual transaction value of Dh528 billion in 2022.

"Dubai's real estate sector is one of the main drivers of economic growth and a major factor in maintaining Dubai's position in the global economy," said Sheikh Maktoum.

"As one of the most important pillars of the economy, the sector is a key contributor to the emirate's efforts to achieve the objectives of Dubai Economic Agenda D33. We remain committed to further enhancing the investment attractiveness of Dubai's real estate sector and making it one of the world's preeminent real estate investment destinations," he added.

Dubai's real estate sector maintained its high growth momentum in the first quarter of 2023, recording 38,700 transactions worth Dh157 billion, an 80 per cent increase from 26,000 transactions in the first quarter of 2022, with a 49 per cent increase in volume worth Dh87 billion. This growth supports H.H. Sheikh Mohammed bin Rashid Al Maktoum's announcement of Dubai Economic Agenda D33's goal to increase private sector investment and place Dubai at the forefront of global cities.

Key measures taken by the Dubai Land Department to ensure sustainable growth in the sector contributed to real estate sales worth Dh89 billion in the first quarter of 2023, a 62% increase from Dh55 billion in the same period in 2022. the number of new investors entering the emirate's real estate market increased to 13,338 in the first quarter of 2023, a an increase of 12 per cent. Non-resident investors accounted for 45 per cent of total acquisitions, an increase of 25 per cent.

Sultan Butti bin Mejren, Director General of the Dubai Land Department, said: "We are firmly committed to the overall development of the sector as part of our efforts to ensure that Dubai strengthens its position as one of the best real estate investment destinations in the world.

"The sector achieved record results last year, an achievement attributed to Dubai's strong infrastructure, as well as its robust legislative framework and the visionary initiatives of His Highness Sheikh Mohammed bin Rashid Al Maktoum," he added.

In 2022, Dubai's real estate sector registered transactions worth Dh528 billion, representing a 44.7% increase in volume and a 76.5% increase in value compared to 2021.

The Dubai Land Department will continue its efforts to maintain the growth momentum of the emirate's real estate sector by providing proactive and streamlined real estate services supported by comprehensive legislation, productive partnerships, state-of-the-art digital infrastructure and a highly qualified team.