The value of total real estate transactions in Dubai soared 76.5% YoY to AED 528 bn in 2022, Invest-Gate reports.
The surge in real estate deals in the emirate is partly driven by the increase in the number of women seeking to invest in real estate whose contribution to the sector jumped by 50% YoY in 2022.
“Despite rising interest rates, house prices and a strong dollar, demand was incredibly resilient in 2022,” the consultancy said in a report, citing that it registered 39% more new buyers, with a ratio of 19 buyers for every seller in 2022,” property consultancy Betterhomes comments.
“Dubai’s real estate market has long attracted diverse international buyers. This trend has become more prominent in recent years as more people started seeing Dubai as a safe haven, offering security, lifestyle, tax efficiency and a business-friendly environment amidst geopolitical and global economic uncertainty in the rest of the world,” Betterhomes adds.
In 2022, 55 real estate projects are completed with a total value of AED 11.9 bn.
A total of 350 real estate projects are currently underway in Dubai.
The number of real estate developers registered in the Dubai Land Department’s (DLD) database recorded 12,989.