The first half of 2023 saw 9 real estate projects worth Dh4.06 billion completed in Dubai

The first half of 2023 saw 9 real estate projects worth Dh4.06 billion completed in Dubai

In H1 of 2023, 9 real estate projects totaling Dh4.06 billion were finished in Dubai. 392 real estate projects are currently under development in the emirate, according to information provided by the Dubai Land Department (DLD). The most recent figures confirm Dubai’s position as one of the top international real estate investment hubs and the industry’s potential for long-term expansion. Additionally, they back the lofty objectives set forth in the Dubai Economic Agenda D33 as well as the leadership’s strategic vision for economic growth.

Another figure demonstrating the continued confidence of local and foreign investors in Dubai’s real estate market is the registration of 42,583 real estate units during the first half of the year. During this time, 47,187 units worth Dh96 billion and 5,546 villas worth Dh15 billion were sold. There are now 174 registered real estate developers in the DLD’s database.

The rental market in Dubai had a successful first half of the year. The total number of lease agreements registered during the first half was 355,515. Of these contracts, 166,368 were new agreements and 189,147 were lease extensions. The primary forces behind this performance were a robust and helpful infrastructure, effective and pro-active services, and the market’s natural durability and resilience.

Real estate licences

In the first half of 2023, the Dubai Land Department issued 4,416 real estate licenses, which demonstrates the increased demand for licenses for various real estate enterprises. During the first half of 2022, a startling 55% rise in real estate licenses was seen. The robust increase in licenses, which also emphasizes the industry’s appeal to brokers and real estate development companies, is a result of the department’s efforts to promote the real estate community’s growth by providing timely and efficient real estate services.

The licenses issued in H1 2023 are listed below, divided down by activity: Brokering in the purchase and sale of real estate (1,592), rental property brokerage (1,008), follow-up services (842), administrative supervision services for jointly owned property management companies (369), the purchase and sale of land and properties (240), real estate development (148), private real estate management (56), real estate mortgage brokers (47), and business complexes (37) are all examples of real estate brokerage. Other businesses for which licenses were granted included shopping centers and administrative supervision services for jointly held real estate management organizations.

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