His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defense and Chairman of the Executive Council of the Emirate of Dubai, affirmed that “the strong growth of the real estate sector is a clear indicator of the speed of Dubai’s development, its growing attractiveness for business, investments and talent from around the world, and what the emirate is witnessing.” “There is a strong economic and development movement that calls for a diversified supply of real estate projects, which opens more opportunities for local and international investors.” His Highness pointed out that “the safe and stable environment “What Dubai provides to the investment community thanks to the laws and legislation it enacts that protect investor rights and safeguard their capital is one of the most important factors that contributed to achieving strong growth rates for the real estate sector.”
This came while His Highness was briefed on the latest developments in the work of the Dubai Land Department and the progress achieved in achieving the goals of its strategy for the real estate sector 2033, which translates the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, which aims to… Strengthening the emirate’s position as a major economic center and a leading global market in the field of real estate investment.
His Highness the Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense and Chairman of the Executive Council of the Emirate of Dubai, heard from the Director-General of the Dubai Land Department, Engineer Marwan Ahmed bin Ghalita, in the presence of the Minister of State for Artificial Intelligence, the Digital Economy and Remote Work Applications and the Director-General of the Office of His Highness the Crown Prince of Dubai. Omar bin Sultan Al Olama, during the meeting held at the Executive Office headquarters, to explain the most prominent projects and initiatives implemented by the department in support of achieving the goals of the “Dubai Economic Agenda D33”, by making it among the top three economic cities in the world, By integrating the system that supports the real estate sector, enabling technology, enhancing data centralization, and providing an integrated and distinguished experience for investors and users alike.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum stressed the important role played by the real estate sector in Dubai, as one of the basic tributaries of the emirate’s economy, and its contributions to supporting the future of comprehensive and sustainable development in various fields, as the availability of real estate options is one of the most important components supporting the accompanying urban expansion. For the rapid development of the city.
His Highness said in a blog post on the “X” website yesterday: “As part of our continuous follow-up of the efforts of various government departments and agencies, to consolidate Dubai’s position and its global leadership, I was briefed on the latest developments in the work of the Land Department, during a meeting with Marwan bin Ghalita, Director General of the Department, and we reviewed Initiatives and projects of the Dubai Real Estate Sector Strategy 2033, which aim to enhance the value of the real estate market to one trillion dirhams. The Dubai real estate market continues to record record numbers, reflecting Dubai’s position as the most important global destination for real estate investment. During the current year, real estate transactions worth 625 billion dirhams were recorded, an increase of 23%, compared to 2023. Real estate sales also amounted to 437 billion dirhams, an increase of 33%, compared to the same period last year.
His Highness added: “We thank the Land Department team for their efforts, and we look forward to more innovative projects and pioneering initiatives to support this vital sector, which is one of the main tributaries of Dubai’s economy.”
The Director General of the Dubai Land Department reviewed the most important future goals of the Dubai Real Estate Sector Strategy 2033 launched by the department, which aims to confirm Dubai’s position as a global leadership center in real estate investment, through innovation and technology, through a work system based on providing data that enhances the principle of transparency through optimal exploitation. data, achieving a balance between supply and demand, and presenting a package of qualitative initiatives supported by an integrated system at the sector level, as well as enhancing its sustainability.
He also touched on initiatives to develop the real estate sector, by developing a comprehensive environment for real estate innovation in cooperation with partners, and enhancing cooperation between the private and government sectors, to support innovative solutions that enhance competitiveness and sustainability, enhance operational efficiency, and raise the level of customer satisfaction using the latest artificial intelligence and real estate technology, and establishing Infrastructure including legislation and accelerators, and supporting the competitiveness of local real estate technology companies in global markets.
It is noteworthy that the performance of the real estate sector until November of this year witnessed a record growth in the volume of real estate transactions in Dubai, as the number of transactions during this period of the current year reached 188 thousand real estate transactions, with a total value of 625 billion dirhams, an increase of 38% in terms of number. And 23% in value, compared to the same period in 2023, while real estate sales for the first time exceeded the barrier of 437 billion dirhams during this period of the year. 2024, an increase of 33%, compared to the same period last year.
Hamdan bin Mohammed:
. The real estate sector occupies a major position as one of the basic tributaries of Dubai’s economy.
. The strong growth of the real estate sector is an indicator of the speed of the emirate’s development and its growing attractiveness for business, investments and talent from around the world.
. Dubai recorded 188,000 real estate transactions as of this November, worth 625 billion dirhams.
. Real estate sales exceeded 437 billion dirhams for the first time.
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