Dubai completed 55 property projects worth $3.24bn in 2022

Fifty-five property projects were completed in Dubai last year with a combined value of Dh11.9 billion ($3.24 billion), as the market experienced an exceptional year.

The number of completed projects grew by 57 per cent year on year, while their value rose 8 per cent annually, according to a Dubai Media Office statement on Wednesday.

There are "350 real estate projects currently being developed, reinforcing Dubai's status as one of the world’s leading real estate investment destinations", it said.

"The record results also signify the sector’s ability to maintain sustainable high growth, and the exceptional governance it has maintained under the directives of the leadership."

The property sector is regarded as a major contributor to the goals of the Dubai Economic Agenda D33 that was recently announced by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.

The strategy's goals include doubling the size of Dubai’s economy over the next decade and consolidating its position as one of the world’s top three cities.

Dubai remains one of the world's most attractive investment destinations because of its stable economy, strong financial fundamentals and ability to find opportunities for growth, Crown Prince Sheikh Hamdan bin Mohammed said on Monday.

In the first nine months of 2022, Dubai’s gross domestic product grew 4.6 per cent year on year to reach Dh307.5 billion.

In 2022, 80,216 investors registered 115,183 new property investments in the emirate valued at Dh264.15 billion, an annual growth of 59.5 per cent in volume and 78.4 per cent in value. The number of investors increased by 53 per cent compared with 2021.

The value of property transactions was also up 76.5 per cent annually last year, while the number of transactions, at 122,658, rose 44.7 per cent year on year amid a resurgent wider economy despite a challenging global economic situation.

The number of developers registered in Dubai Land Department’s database last year reached 140, while the number of registered property brokers reached 12,989.

The 5,703 new brokers registered in the emirate in 2022 contributed to 24,824 procedures, representing a value of Dh5.33 billion, the media office said.

Ongoing projects in Dubai include the Dubai Islands, the World Islands, the Uptown Tower district and several new developments on the outskirts of the city, such as Dubai South.