Dubai real estate transactions increased by 61%, surpasses AED240bn
The UAE is predicted to own $1 trillion of MEA’s financial wealth by 2026
Dubai real estate market transactions has witnessed a rise of 61 percent since 2021, exceeding AED240 billion in 2022, cites Unique Properties, a real estate agency in Dubai.
The growth is attributed to a maturing market and intention for people to stay in Dubai for longer as well as an increase in demand for villas and townhouses.
Investors are being offered a wider range of options, increased demand is projected to outperform supply in the coming year. The Dubai Land Department (DLD) recently announced a new strategic plan, the plan and is in line with the national agenda to build a better economy while ensuring consistency with current and future global developments and practices.
“The DLD’s soon-to-be-activated strategy will breathe new life into the real estate community by providing seamless real estate services, effective legislation and integrated data through partnerships, leading digital infrastructure, and empowered human capital,” said Arash Jalili, Founder and Chief Executive Officer of Unique Properties, UAE HQ.
In 2022, countless record-breaking property transactions took place to strengthen the post-Covid resurgence of UAE real estate. The DLD’s new strategy will help sustain this progress via a modernized approach to help attract further real estate investments over the coming years,” he added.
In 2021, UAE accounted for over 10.2 percent of the financial wealth of the Middle East and Africa, forecasted to own $1 trillion of MEA’s financial wealth by 2026.
