Investor interest propels Dubai’s property market to best-ever performance

Dubai's property market achieved a historic milestone in 2023, with the Dubai Land Department (DLD) reporting a record 1.6 million sales and rental transactions, marking a 16.9% increase from the previous year.

According to the DLD, the city recorded 166,400 property sales during the year, marking a 36% increase on 2022 figures. The total value of these transactions reached AED634 billion (US$172 billion), up 20% year on year (YoY).

Highlighting Dubai’s growing appeal to international property investors was the fact the total value of investments increased 55% YoY to reach AED412 billion, on the back of 157,798 transactions made by 113,655 investors. The latter number marked a 20% increase on 2022 figures, with non-resident investors comprising 42% of this group.

Foreign investors dominate

Almost 7,500 Gulf-based investors accounted for 10,441 investments valued at AED30.75 billion, while 13,248 Arab investors purchased 17,047 properties for a total value of AED29.23 billion. More than 90,000 foreign investors contributed AED276.28 billion through the purchase of 122,937 investment properties.

The year also saw a notable increase in the number of female investors purchasing property in Dubai, with 38,059 women (+42.5% YoY) making 46,725 investments (+39.8% YoY) for a total value of AED90.5 billion (+53.9% YoY).

Ultimately, the property sector’s record-setting performance underscores Dubai's appeal as a premier real estate investment destination, bolstered by its advanced infrastructure, bold economic growth plans, and a forward-looking legislative environment.

It also underpins the city’s Dubai Economic Agenda (D33), an ambitious economic growth strategy that aims to establish the emirate among the world’s top three urban economies and international tourism destinations by 2033.