Eng. Marwan Ahmed bin Ghalita, Director General of Dubai Land Department, confirmed that the Dubai Real Estate Strategy 2033 stimulates the growth of the sector through several key performance indicators, most notably doubling the added value of the real estate sector in the emirate’s GDP to AED 73 billion and raising the percentage of residential home ownership to 33%, noting that the strategy aims to increase the volume of real estate transactions by 70%, which will enhance the value of the real estate market in the emirate to AED 1 trillion, and double the value of real estate portfolios to AED 20 billion.
He explained during a meeting organized by the Dubai Government Media Office that the real estate market in Dubai has proven its flexibility and strength, as the first 9 months of this year witnessed a record growth in the volume of real estate transactions, as the number of transactions reached 163,000 transactions worth AED 544 billion, an increase of 35% in number and 23% in value compared to 2023, while real estate sales exceeded AED 376 billion for the first time, an increase of 30% compared to the same period last year.
Marwan Bin Ghalita pointed out that the percentage of new investors during the first nine months was 45%, while the value of registered rental contracts exceeded 70 billion dirhams, noting that speculation is still within the framework that the market needs only, as it did not exceed 20%, which reflects stability and sustainability in investment trends within the sector.