January 6, 2022
4 mins read

Dubai’s Real Estate Boom

Dubai recorded 84,772 real estate transactions worth Dh300 billion in 2021, according to the Dubai Land Department…reports Asian Lite News

Dubai’s real estate market continues to serve as a key driver for the growth of various sectors and economic activities in the emirate, with the sector recording 84,772 transactions representing a value of AED300 billion in 2021, according to the annual transaction report issued by the Dubai Land Department (DLD).

Guided by the leadership’s directives and strengthened by the government’s economic stimulus packages and the emirate’s hosting of Expo 2020 Dubai, the sector was able to achieve a high volume of transactions last year. Additionally, the strong fundamentals and attractiveness of Dubai’s real estate market and flexible and transparent procedures continued to draw investors from around the world.

The report revealed a 65 percent growth in the number of transactions and a 71 percent increase in value compared to 2020. A total of 52,415 investors concluded 72,207 new investments in 2021 worth AED148 billion representing a 73.7 percent growth in the number of investments, a 65.6 percent rise in the number of investors, and a 100 percent increase in the value of investments compared to 2020. Reflecting the sector’s ability to achieve progress despite the current exceptional circumstances, the results further reinforce its leading regional and global position.

Commenting on the results, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, said, “The directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum,  Vice President, Prime Minister and Ruler of Dubai, to make Dubai the world’s best city to live and work has served as a key driver in increasing its attractiveness as a global investment destination.

“Dubai’s robust infrastructure, flexible legislations that have kept pace with evolving market conditions, and its safe environment have all contributed to deepening investment confidence in its real estate sector. The rise in investments and the increasing interest shown by global investors in Dubai is testament to the effectiveness of the emirate’s strategic economic initiatives that have sought to strengthen its leadership in various sectors and enhance its global rankings in development indicators. Dubai has a clear vision for the future, and its partnership with the global investment community continues to be vital to its ability to accelerate growth and meet its ambitious goals for the future,” Sheikh Hamdan said.

Sultan Butti bin Mejren, Director-General of DLD, said, “Dubai’s real estate sector has once again proven its resilience, attractiveness and ability to achieve sustainable growth even during the exceptional circumstances being witnessed globally. The results highlighted in the report bode well for the future as the country ushers in another 50 years of economic development. The real estate sector represents a major catalyst for the growth of various other sectors.”

Bin Mejren added that the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum and the follow up of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum have contributed to strengthening the capabilities of Dubai’s real estate sector and establishing it as the preferred destination for investors both regionally and globally and among the world’s the best cities to live and work.

“We are committed to continue working to achieve our strategic objectives in 2022 to becoming regional and global leaders in the real estate market as well as providing exceptional integrated services to all customers in the sector. We will also continue to develop legislations that will help regulate, encourage and manage investments in the real estate sector, in addition to enhancing knowledge of the real estate culture in the emirate.”

The report revealed that there were 6,897 investors from the GCC that registered 8,826 investments worth over AED16.88 billion.

ALSO READ: Dubai to enhance its status as a leading creative city

A total of 6,097 Arab investors recorded 7,538 investments, with a value exceeding AED12.4 billion. Dubai’s real estate sector also attracted 38,318 foreign investors, who concluded 51,553 new investments worth over AED99 billion.

DLD’s statistics also revealed that 17,705 women registered 22,165 investments worth over AED38.4 billion in 2021, a 72 percent increase compared to 2020. The results indicate that businesswomen have great confidence in Dubai’s real estate market.

The Dubai Marina area saw the highest number of transactions, with 7,968 transactions, followed by Business Bay (5,687), Al Thanyah Fifth (5,092), Al Barsha South Fourth (4,813), Hadaeq Sheikh Mohammed bin Rashid (4,352), Burj Khalifa (4,279), Wadi Al Safa 5 (3,536), Al Hebiah Fourth (3,261), Al Merkadh (3,150), and Palm Jumeirah (2,803).

Dubai Marina also saw the highest value of transactions with over AED28.6 billion, followed by Palm Jumeirah (AED26.6 billion), Hadaeq Sheikh Mohammed bin Rashid (AED15.8 billion), Burj Khalifa (AED14.2 billion), Business Bay (AED13.19 billion), Al Thanyah Fifth (AED8.19 billion). Wadi Al Safa 5 (AED8 billion), Al Yufrah 1 (AED7.3 billion), Al Thanyah Fourth (AED7.2 billion), and Al Hebiah Fourth (AED7.19 billion).

The report also revealed that 3,171 new brokers entered the market, increasing the total number of registered real estate brokers to 8,002. According to the report, 2,715 brokers in Dubai’s real estate market are women. A total of 1,421 brokerage offices were registered in the emirate.

In 2021, DLD issued 4,230 real estate licenses.

Previous Story

Bad weather hinders relief efforts in Afghanistan

Next Story

Poland to build Belarus border wall

Latest from -Top News

Trump Targets BRICS Allies with New Tariff

This move coincides with the ongoing BRICS summit being held in Rio de Janeiro, Brazil…reports Asian Lite News US President Donald Trump has announced that an additional 10 per cent tariff will

BRICS Endorses India’s Stand on Terror

The treaty proposed by India within the UN framework aims to provide a comprehensive legal basis for combating terrorism….reports Asian Lite News The leaders’ joint statement, issued after the 17th BRICS summit

BRICS Slams US Tariff Hikes

The leaders criticised developed nations for using environmental issues to justify trade restrictions on developing countries….reports Asian Lite News Rio de Janeiro, July 7 (IANS) Embroiled in a trade war launched by

US Tariffs Pushed to August Amid Talks

In April, Trump announced a base tariff of 10 per cent on most of America’s trading partners and thereafter additional duties ranging up to 50 per cent….reports Asian Lite News US President

Indonesia Joins BRICS Bloc

This year’s BRICS Summit saw an expanded format, reflecting the grouping’s growing relevance in international affairs….reports Asian Lite News Prime Minister Narendra Modi formally welcomed Indonesian President Prabowo Subianto into the BRICS
Go toTop

Don't Miss

Sheikh Abdullah leads UAE delegation ‏to COP26

The UAE’s participation at the event is further highlighted by

UAE Deepens Ties With ASEAN

UAE Minster for Foreign Trade Thani Al Zeyoudi highlighted the