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Dubai Land Department Achieves Record-Breaking Performance in 2023

Posted by Luxury Link Properties on February 8, 2024
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In 2023, the Dubai Land Department (DLD) achieved unprecedented success with 1.6 million transactions valued at AED634 billion, marking a significant milestone in the emirate’s real estate landscape. This remarkable accomplishment, announced by Marwan bin Ghalita, Acting Director General of the DLD, underscores the department’s commitment to supporting Dubai’s economic growth and positioning it as a global real estate hub.

Bin Ghalita highlighted the remarkable growth in real estate transactions, with a 16.9% increase compared to 2022, reflecting the resilience of Dubai’s economy. The value of transactions surged by 20%, reaching AED634 billion, while the number of transactions rose by 36% to over 166,400. Notably, real estate investments witnessed exceptional performance, with a 55% increase in value, totaling approximately AED412 billion. The number of investments surged by 20%, with 157,798 investments attributed to 113,655 owners, including 71,002 new investors.

The DLD’s strategic vision aims to establish Dubai as a global leader in real estate investment, aligning with the objectives outlined in the Dubai Economic Agenda (D33). Bin Ghalita expressed satisfaction with the outcomes for 2023 and reaffirmed the DLD’s commitment to supporting the industry’s expansion. The department’s initiatives aim to attract both domestic and foreign investors, bolstering the local economy and reinforcing Dubai’s reputation as an investment destination.

The DLD’s annual figures highlight the significant contributions of Gulf, Arab, and foreign investors, totaling AED336.26 billion in investments. Female investors are also playing an increasingly prominent role in Dubai’s real estate market, with 38,059 female investors contributing AED90.5 billion in revenue.

Overall, Dubai’s real estate market continues to offer lucrative investment opportunities and maintain investor confidence, supported by the DLD’s efficient services, robust legal framework, and innovative digital infrastructure. With its strategic objectives focused on sustainability and future readiness, the DLD remains committed to driving the growth and prosperity of Dubai’s real estate sector.

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