Dubai real estate. Firing on all cylinders.

Dubai has many things to boast of, an iconic skyline, world class infrastructure, an on the go economy and a plethora of lifestyle choices, so it’s hardly surprising it’s a top investor hub too.  Another plus is that Dubai is one of the few cities in the world which has deftly handled the unpredictable market conditions the entire world encountered during the global covid-19 outbreak.

The emirate remained resilient throughout, given its successful post-pandemic strategy, as well as social and economic reform. This reinforced  its  preeminent position as one of the most appealing cities for investment opportunities.

The strong recovery was evident in Dubai’s real estate sector, as it remarkably achieved so much, with a record 73.7% growth in the number of investments. Since real estate still remains one of the most preferred means of building wealth, Dubai has become more lucrative than ever, attracting investors from all over the world.

The focus on real estate starts at the very top.

“Dubai’s real estate sector is one of the key drivers of economic growth and a major factor in maintaining Dubai’s position in the global economy,” said Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE. “As one of the most important pillars of the economy, the sector is a vital contributor to the emirate’s efforts to achieve the goals of the Dubai Economic Agenda D33.” We remain committed to further raising the investment attractiveness of Dubai’s real estate sector and its emergence as one of the world’s pre-eminent real estate investment destinations,” he added.

This kind of commitment and reassurance is music to investors’ ears, obviously, the response has been overwhelming.  

Dubai’s real estate sector maintained its high growth momentum in the quarter ending March 31, recording 38,700 transactions worth Dh157 billion, a 49 per cent increase in volume from Q1-2022, which saw 26,000 transactions worth Dh87 billion. The growth supports the objectives of the Dubai Economic Agenda D33, announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, to increase private sector investments and place Dubai at the forefront of global cities.

In 2022, the UAE’s gross domestic product (GDP) is estimated to have expanded by 7.6 percent, marking the highest growth rate in 11 years and making it one of the fastest-growing cities in the world. The fast-paced economic growth is estimated to have led to an influx of over 300,000 global investors to Dubai, making it an attractive destination for real estate investment.

Here are some other very interesting numbers.

Key measures undertaken by the Dubai Land Department to ensure the sustainable growth of the sector helped achieve real estate sales worth Dh89 billion in Q1 2023, a 62 per cent increase from the same period in 2022 that saw sales worth Dh55 billion. The number of new investors entering the emirate’s real estate market in Q1-2023 rose to 13,338, a 12 per cent growth from Q1-2022. Non-resident investors accounted for 45 per cent of total acquisitions, an increase of 25 per cent.

This pace of growth is poised to continue since the Dubai government is ready with a  well thought out strategy to increase the contribution of the real estate sector to the emirate’s GDP. It will include pioneering an innovative model that will enhance the sector’s readiness and sustainability, harnessing technology with a key focus on data and embracing a digital ecosystem.

All this points out to Dubai being a real estate investment destination like no other.

Acknowledgement : This content has  been curated from  some of the leading publications which cover real estate.