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Dubai real estate booms with record $77 billion in transactions in 2023

In the span of six months this year, Dubai’s real estate sector has sky-rocketed.

Dubai real estate booms with record $77 billion in transactions in 2023
[Source photo: Anvita Gupta/Fast Company Middle East]

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According to data collected by the Dubai Land Department, Dubai’s real estate sector has witnessed $77 billion in transactions in the first six months of this year. This significant sum reflects the sector’s growth, with 42,583 real estate units registered during this period. Additionally, 47,187 units valued at $26.1 billion and 5,546 villas amounting to $4 billion were sold during this time.

Similarly, the emirate completed nine real estate projects valued at $1.1 billion from January to June. Additionally, 392 real estate projects are in progress, indicating the continued development and growth of the sector.

In these six months, Dubai registered 355,515 lease contracts, comprising 166,368 new contracts and 189,147 renewals of existing ones. These accomplishments can be attributed to the emirate’s efficient services, well-developed infrastructure, and the market’s resilience and sustainability.

In the first half of the year, Dubai issued 4,416 real estate licenses, indicating a substantial demand for such requests. This growth represents a significant increase of 55% compared to the first half of 2022.

In June, Dubai Land Department received the Customer Service Innovation award at the 2023 Real Estate Asia Awards for their AI-based Smart Valuation System. This system uses AI and machine learning to generate valuation certificates in just 15 seconds, significantly improving from the previous three days. 

The AI-based Smart Valuation System analyzes millions of transactional data points to accurately predict property values, eliminating the need for extensive documentation.

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