Dubai’s real estate revenues surpass U.K.’s in 2023: Emaar’s Mohamed Alabbar

His Excellency Mohamed Ali Alabbar, Chairman of the Board and Founder of Emaar, announced that Dubai’s real estate revenue surpassed that of the United Kingdom last year and is projected to grow by 50% this year. He made these remarks during the launch of the second phase of the Dubai Land Department’s (DLD) Real Estate Brokers Program.

As part of the emirate’s vision for excellence and leadership, the DLD has opened registration for 1,000 new participants from UAE nationals in this phase of the program. The initiative aims to develop and support Emirati talent, enabling them to participate actively in the real estate sector while contributing to sustainable development.

The announcement was made in the presence of His Excellency Eng. Marwan Ahmed Bin Ghalita, Director General of the DLD, and Mohamed Alabbar, alongside several key public and private sector officials, as well as DLD’s CEOs and directors.

Dubai’s property market experienced a remarkable boom in 2023, with registered sales transactions reaching 133,134, a significant rise from 96,459 in 2022, according to data from Property Finder.

The total value of these transactions hit an all-time high of AED 411.74 billion, compared to AED 264.34 billion the previous year. This surge was largely driven by off-plan sales, which reached AED 160.46 billion in 2023, marking a 72.3% increase from AED 93 billion in 2022.

Off-plan transactions accounted for 39% of the total transaction value, marking the highest-ever recorded in Dubai’s off-plan market.