Dubai real estate transactions at record high
Business
Housing boom coincides with Russians’ inflow purchasing homes in most sought-after neighborhoods
DUBAI (Web Desk) - Dubai which is the principal commercial center of the United Arab Emirate (UAE) had real estate transactions totaling more than $143 billion in 2022, Dubai Media Office has told.
The housing boom coincides with an inflow of Russians who have bought homes in some of Dubai s most sought-after neighborhoods after Moscow was subjected to more stringent Western sanctions as a result of its invasion of Ukraine.
Dubai s yearly real estate transactions have officially surpassed the milestone of half a trillion dirhams. "In 2022 transactions in the industry reached a new high of 528 billion dirhams that was up 76.5 percent compared with 2021, the statement added."
In Dubai the real estate industry makes up around one-third of the total GDP. Since the Covid-19 epidemic limits were loosened and Dubai opened up far sooner than the rest of the globe the real estate industry has gradually increased.
Russians were the largest foreign buyers of real estate in Dubai last year, Bloomberg quoted citing brokerage Betterhomes. Emirate broke its previous record of 80,000 home sales transactions in 2009 by recording more over 86,000 such transactions in 2022, it added.
“Dubai s real estate sector has proved its potential to continue its rapid expansion and strengthen its attractiveness as an investment magnet," Sultan Butti bin Mejren, director general of the government s Dubai Land Department.
"The industry is likely to achieve even higher development in the future," according to Dubai Media Office.
