Jan 16, 2023

Dubai real estate transactions in 2022 exceed half a trillion dirhams for the first time

As reported by Dubai Media Office, Dubai annual real estate transactions amounted to AED528 billion ($143.7 billion) in 2022. This value is 76.5% higher than that of 2021. The Crown Prince Hamdan bin Mohamed described the performance of Dubai real estate market as exceptional. It reflects Dubai plans to become "one of the three largest cities in the world". In 2022, 80,216 investors recorded 115,183 new real estate investments in the amount of AED264.15 billion in Dubai. The annual growth reached 59.5% in volume and 78.4% in value. The number of investors increased by 53% compared to 2021. According to Bloomberg, it is the Russians that bought a major part of Dubai property in 2022, among foreigners. The British, Indians, Italians, French make the following top five buyers of Dubai property.

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Arabian Business, January 16, 2023