Dubai’s real estate market recorded its highest first-half sales value ever at AED 180 bn, according to data from the Emirate’s Land Department.

Total cumulative transactions in Dubai for the first six months from 2000 to 2023 reached approximately AED 1.12 tn from 441,739 deals.

The first half of 2023 topped all years in terms of sales value at around AED 180 bn. The first six months of 2022 came in second place with AED 114.5 bn, then the same period in 2009 with over AED 89 bn.

The first half of 2023 also recorded the most transactions at 60,420 deals. The same period in 2009 came in second place with 50,786 deals, followed by the first six months of 2022 with 42,971 deals.

According to the Land Department’s annual report, Dubai’s real estate sector ended 2022 with record results, achieving over AED 528 bn for the first time – a 44.7% increase in volume, and a 76.5% increase in value compared to 2021.

Real estate investments in 2022 reached AED 264.15 bn from 115,183 deals by 80,216 investors, representing 59.5% more investments, 78.4% higher value, and 53% more investors than in 2021.

Total real estate transactions in Dubai from the beginning of 2023 until June reached AED 255 bn from 75,284 deals – up 52.7% in value and 31.3% more transactions compared to the same period in 2022.

Real estate sales value in the first half of 2023 jumped 56.3% to around AED 179 bn from 60,420 transactions – an increase of 48% – compared to AED 114.5 bn from 42,873 deals in the first half of 2022.