Dubai’s Business Bay sees highest number of real estate transactions in 2022

Boosted 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 growing reputation as one of the best cities to live and work, its exceptional infrastructure, supportive regulations have contributed to the trend.

Over the last few years, Dubai Land Department has also worked to enhance the real estate investment environment in the emirate by providing seamless services, introducing conducive regulations, fostering a digital ecosystem, consolidating various sources of data through partnerships, and raising the capabilities of its human resources to maintain drive service excellence.

Areas registering the highest transactions

In 2022, the Business Bay area recorded the highest number of real estate transactions in Dubai last year with 10,853 transactions, reported the 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).

The Wadi Al-Safa 3 area ranked first in value of transactions in 2022 with over Dhs47.1bn, followed by Palm Jumeirah (Dhs40.48bn), Nad Al Sheba 1 (Dhs32.83bn), Dubai Marina (ADhs32.71bn), Jebel Ali First Industrial (Dhs28.84bn), Business Bay (Dhs27.83bn), El Merkadh (Dhs23.08bn), Burj Khalifa (Dhs21.69bn), Hadaeq Mohammed bin Rashid (Dhs17.8bn) and Trade Centre First (Dhs15.39bn), the report said.

Total transactions

In other news, Dubai recorded a total number of 122,658 real estate transactions in 2022 worth Dhs528bn.

Read: Dubai’s real estate sector marks major milestone, value of transactions crosses Dhs500bn in 2022

A total of 122,658 real estate transactions were registered in the emirate in 2022, an increase of 44.7 per cent from 2021.

The past year also saw 80,216 investors registering 115,183 new real estate investments valued at Dhs264.15bn, an annual growth of 59.5 per cent in volume and 78.4 per cent in value. The number of investors in 2022 grew by 53 per cent compared to 2021.

The real estate sector’s exceptional growth underscores the emirate’s rising profile as the ‘city of the future’ and a major gateway to some of the world’s fastest-growing emerging markets.