Dubai records $81bn real estate deals in 2021, up 71%
Dubai’s real estate market recorded 84,772 transactions worth AED300 billion ($81 billion) in 2021, according to a new report issued by the Dubai Land Department (DLD).
Supported by the government’s economic stimulus packages and the emirate’s hosting of Expo 2020 Dubai, the sector continued to draw investors from around the world.
The report revealed a 65 percent growth in the number of transactions and a 71 percent increase in value compared to 2020.
A total of 52,415 investors concluded 72,207 new investments in 2021 worth AED148 billion representing a 73.7 percent growth in the number of investments, a 65.6 percennt rise in the number of investors, and a 100 percent increase in the value of investments compared to 2020.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, said: “Dubai’s robust infrastructure, flexible legislations that have kept pace with evolving market conditions, and its safe environment have all contributed to deepening investment confidence in its real estate sector.
“The rise in investments and the increasing interest shown by global investors in Dubai is testament to the effectiveness of the emirate’s strategic economic initiatives that have sought to strengthen its leadership in various sectors and enhance its global rankings in development indicators.
“Dubai has a clear vision for the future, and its partnership with the global investment community continues to be vital to its ability to accelerate growth and meet its ambitious goals for the future,” he said.
Sultan Butti bin Mejren, director-general of DLD, added: “Dubai’s real estate sector has once again proven its resilience, attractiveness and ability to achieve sustainable growth even during the exceptional circumstances being witnessed globally. The results highlighted in the report bode well for the future as the country ushers in another 50 years of economic development. The real estate sector represents a major catalyst for the growth of various other sectors.”
Bin Mejren said real estate legislations that will help regulate, encourage and manage investments will continue to be developer.
The report revealed that there were 6,897 investors from the GCC who registered 8,826 investments worth over AED16.88 billion while a total of 6,097 Arab investors recorded 7,538 investments, with a value exceeding AED12.4 billion.
Dubai’s real estate sector also attracted 38,318 foreign investors, who concluded 51,553 new investments worth over AED99 billion.
DLD’s statistics also revealed that 17,705 women registered 22,165 investments worth over AED38.4 billion in 2021, a 72 percent increase compared to 2020.
Dubai Marina area saw the highest number of transactions, with 7,968 transactions, followed by Business Bay (5,687), Al Thanyah Fifth (5,092), Al Barsha South Fourth (4,813), Hadaeq Sheikh Mohammed bin Rashid (4,352), Burj Khalifa (4,279), Wadi Al Safa 5 (3,536), Al Hebiah Fourth (3,261), Al Merkadh (3,150), and Palm Jumeirah (2,803).
Dubai Marina also saw the highest value of transactions with over AED28.6 billion, followed by Palm Jumeirah (AED26.6 billion), Hadaeq Sheikh Mohammed bin Rashid (AED15.8 billion), Burj Khalifa (AED14.2 billion), Business Bay (AED13.19 billion), Al Thanyah Fifth (AED8.19 billion). Wadi Al Safa 5 (AED8 billion), Al Yufrah 1 (AED7.3 billion), Al Thanyah Fourth (AED7.2 billion), and Al Hebiah Fourth (AED7.19 billion).
The report also revealed that 3,171 new brokers entered the market, increasing the total number of registered real estate brokers to 8,002.
The value of real estate brokers’ commissions in Dubai’s real estate market in 2021 exceeded AED3 billion through 12,067 transactions.
According to DLD, a total of 35 real estate projects with a value exceeding AED11 billion were completed in 2021 and 319 projects are in progress.