Business Bay sees the highest number of real estate transactions in 2022

The Business Bay area recorded the highest number of real estate transactions in Dubai last year with 10,853 transactions, according to a statement by Dubai Media Office.

The other areas in the top 10 list of locations that registered the highest number of transactions included Dubai Marina (10,074), Al Barsha South 4 (7,338), Burj Khalifa (6,955), Al Merkadh (6,133), Al Hebiah 5 (5,868), Jebel Ali 1 (5,242), Hadaeq Mohammad bin Rashid (4,777), Al Thanyah 5 (4,590), and Palm Jumeirah (4,183).

Buoyed by the strong prospects for sustainable economic and real estate market growth, areas across Dubai saw high levels of real estate transactions in 2022. Dubai's rising profile as one of the best cities to live and work, its exceptional infrastructure, supportive regulations as well as the high quality of services provided by the Dubai Land Department (DLD) contributed to a remarkable growth in real estate transactions.

The exceptional performance of the sector supports the goals of the Dubai Economic Agenda D33 launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to double the size of the emirate’s economy by 2033 and consolidate its status as one of the world’s top three cities.

The Wadi Al-Safa 3 area ranked first in value of transactions in 2022 with over Dh47.1 billion, followed by Palm Jumeirah (Dh40.48 billion), Nad Al Sheba 1 (Dh32.83 billion), Dubai Marina (Dh32.71 billion), Jebel Ali First Industrial (Dh28.84 billion), Business Bay (Dh27.83 billion), El Merkadh (Dh23.08 billion), Burj Khalifa (Dh21.69 billion), Hadaeq Mohammed bin Rashid (Dh17.8 billion) and Trade Centre First (Dh15.39 billion). Dubai recorded a total number of 122,658 real estate transactions in 2022 worth Dh528 billion.

Over the last few years, Dubai Land Department has worked to enhance the real estate investment environment in the emirate by providing seamless services, introducing supportive regulations, fostering a digital ecosystem, consolidating various sources of data through partnerships and raising the capabilities of its human resources to maintain the highest levels of service excellence. Driven by close cooperation between public and private stakeholders, the sector is set to achieve greater growth in the future.

— muzaffarrizvi@khaleejtimes.com

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