In 2022, the Emirate of Dubai achieved record results in real estate transactions totaling $143 billion, according to what was announced on Monday by the Dubai Government Media Authority, which called the matter “extraordinary”. achievement.
The record growth in the real estate sector comes at a time when Dubai is seeing intense demand for property purchases in some of the most popular parts of the emirate from Russian citizens after Moscow faced tougher Western sanctions over its invasion of Ukraine. at Agence France-Presse.
In a tweet on Twitter, Dubai’s Crown Prince Hamdan bin Mohammed bin Rashid Al Maktoum said that the value of the real estate sector in the emirate recorded a record growth of 76.5% by the end of 2022, surpassing half a trillion dirhams for the first time.
“The real estate sector in the emirate ended an exceptional year with a record high of over half a trillion AED for the first time, with a growth rate of 44.7% in volume terms, reaching a total of AED 528 billion. “, – said the press service of the government of Dubai.
The real estate sector accounts for about a third of Dubai’s economy and has seen steady growth following the easing of restrictions imposed to contain the Covid-19 pandemic, with Dubai being one of the first to lift the measures.
Russians made up the largest segment of foreign property buyers in Dubai last year, according to a Bloomberg report citing Better Homes Consulting, noting that more than 86,000 residential properties were sold in the emirate in 2022, surpassing the record 80,000 registered in Dubai. year 2009.
Sultan Butti bin Meiren, CEO of the Dubai Land Department, stressed that the real estate sector in the emirate is demonstrating “its ability to grow sustainably and increase its attractiveness to attract investment and transactions.”
Bin Meiren affirmed the emirate’s commitment to “create an incubation environment for real estate innovation, use technology to develop real estate products and thus attract more investors from all over the world.”
