Data for the real estate market in Dubai, revealed that the number of new development projects that entered the sector during the first quarter of 2024 approached 150 projects, and between 10 and 15 projects were completed. The number of real estate units offered, within 3 months, is estimated at approximately 21 thousand units. The year 2023 witnessed the launch of 340 new development projects, an increase of 88.8%, compared to 2022, which recorded the addition of 180 projects. In terms of completion operations, last year recorded 60 projects, compared to more than 100 projects in the previous year.
In terms of the number of units offered in the Dubai real estate market last year, it reached 89,000 units, and about 20,000 units were delivered, compared to 58,000 and 40,000, respectively, in 2022.
The annual report of the Dubai real estate market issued by the Land Department showed that the sector in the emirate achieved exceptional performance during the past two years, 2022 and 2023, exceeding the barrier of half a trillion dirhams, in terms of the total value of transactions, at 528 and 634 billion dirhams, respectively. Real estate investments recorded during the year 2022 about 115,183 investments, with a value reaching 264.15 billion dirhams, owned by 80,216 investors, with a growth of 59.5%, in terms of the number of investments, 78.4% in terms of their value, and 53% in terms of the number of investors, compared to 2021.
As for 2023, real estate investments had an exceptional presence as well, as their value jumped by 55%, reaching 412 billion dirhams, with a number of investments amounting to 157,798 investments owned by 113,655 investors, including 71,002 new investors, an increase of 20%, while the percentage of non-resident investors increased to constitute 42%. Of the total new investors.
The total real estate transactions in the Dubai market during the period extending from January to March of 2024 (first quarter) recorded about 166 billion dirhams, resulting from 47,120 transactions, with a growth of 30% and 22% in terms of value and number, respectively. Compared to the same period in 2023, which achieved 127.5 billion dirhams resulting from 38,614 transactions.
Based on these data, the real estate market in Dubai, for the first quarter, recorded a new record performance in terms of value and number, the highest in its history. Therefore, the sector performance index is moving steadily towards achieving transactions that are likely to exceed 664 billion dirhams.
Sales also touched the barrier of 110 billion dirhams within 3 months, resulting from 37,130 deals, a growth of 25% and 18.8% in value and number, respectively, compared to the same period in 2023, which recorded 87 billion dirhams, through 30,900 deals.