Fifty-five property projects were completed in Dubai last year with a combined value of Dh11.9 billion ($3.24 billion), as the market experienced an exceptional year.
The number of completed projects grew by 57 per cent year on year, while their value rose 8 per cent annually, according to a Dubai Media Office statement on Wednesday.
There are "350 real estate projects currently being developed, reinforcing Dubai's status as one of the world’s leading real estate investment destinations", it said.
"The record results also signify the sector’s ability to maintain sustainable high growth, and the exceptional governance it has maintained under the directives of the leadership."
The property sector is regarded as a major contributor to the goals of the Dubai Economic Agenda D33 that was recently announced by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.
The strategy's goals include doubling the size of Dubai’s economy over the next decade and consolidating its position as one of the world’s top three cities.
Dubai remains one of the world's most attractive investment destinations because of its stable economy, strong financial fundamentals and ability to find opportunities for growth, Crown Prince Sheikh Hamdan bin Mohammed said on Monday.
In the first nine months of 2022, Dubai’s gross domestic product grew 4.6 per cent year on year to reach Dh307.5 billion.
In 2022, 80,216 investors registered 115,183 new property investments in the emirate valued at Dh264.15 billion, an annual growth of 59.5 per cent in volume and 78.4 per cent in value. The number of investors increased by 53 per cent compared with 2021.
The value of property transactions was also up 76.5 per cent annually last year, while the number of transactions, at 122,658, rose 44.7 per cent year on year amid a resurgent wider economy despite a challenging global economic situation.
The number of developers registered in Dubai Land Department’s database last year reached 140, while the number of registered property brokers reached 12,989.
The 5,703 new brokers registered in the emirate in 2022 contributed to 24,824 procedures, representing a value of Dh5.33 billion, the media office said.
Ongoing projects in Dubai include the Dubai Islands, the World Islands, the Uptown Tower district and several new developments on the outskirts of the city, such as Dubai South.
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UAE megaprojects 2023: 26 new developments in Dubai, Abu Dhabi and the Northern Emirates
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Burj Binghatti will have more than 112 storeys and is set to become the world’s tallest residential tower. Photo: Burj Binghatti -
An aerial view of The Palm Jebel Ali in Dubai. Reuters -
Agri Hub by URB in Dubai. Photo: URB -
Dubai Urban Tech District. Photo: URB -
Construction of the Etihad Rail railway in Fujairah. Photo: Etihad Rail -
The towers at One Za'abeel in Dubai. Photo: Kerzner -
Nakheel's new vision for Dubai Islands. Photo: Nakheel -
Anantara World Islands Resort Dubai takes a holiday at home to a whole new level. Photo: Anantara -
Mohammed bin Rashid Al Maktoum Solar Park. Photo: Dewa -
Uptown Tower in Dubai. Victor Besa / The National -
Dubai's new tallest hotel is in Dubai Marina, in front of Cayan Tower. Photo: The First Group -
The Atlantis Royal hotel and residences. Bloomberg -
The Al Jurf development. The first phase of the project is being developed by Imkan. Photo: Sha Wellness Clinics / Imkan -
The first model show villas at Jubail Island. Victor Besa / The National -
A rendering of the new Natural History Museum in Abu Dhabi. Photo: Department of Culture and Tourism - Abu Dhabi -
The Zayed National Museum as seen from the park looking north-east. The shape is inspired by a falcon's wing. -
A render of the planned Guggenheim Abu Dhabi building, scheduled for completion in 2025. Photo: Gehry Partners -
The Abrahamic Family House in Abu Dhabi. Photo: Adjaye Associates -
The Louvre Abu Dhabi Residences by Aldar. Photo: Aldar -
Residential buildings at Al Reem Island, Abu Dhabi. Khushnum Bhandari / The National -
Midfield Terminal as seen in 2015. Mona Al Marzooqi/ The National -
SeaWorld Abu Dhabi on Yas Island. Construction Photo -
The Hindu temple under construction in Abu Dhabi. Antonie Robertson / The National -
Sharjah’s forest community, Masaar. Photo: Arada -
Falcon Island by Al Hamra in Ras Al Khaimah. -
The Hatta Sustainable Waterfalls project. Photo: Dewa
