In the first half of 2023, Dubai's real estate market saw impressive growth, with nine prestigious real estate projects valued at Dh4.06 billion reaching completion. This growth, tracked and reported by the Dubai Land Department, is a testament to the city's thriving real estate sector; as one of the top 10 agencies in Dubai, Real Estate Masters Dubai is proud to be a part of this vibrant and dynamic market.
Dubai is home to 392 ongoing real estate projects, further proving its standing as a global leader in real estate investment. This immense growth demonstrates the effectiveness of the strategic economic development vision laid out by the Dubai Economic Agenda D33. These milestones reflect the enduring strength of Dubai's real estate market and its long-term sustainability, characteristics that Real Estate Masters continuously leverages to serve our esteemed clients.
During H1 2023, the real estate market registered 42,583 new units. Property sales during this period included 47,187 units worth Dh96 billion and 5,546 villas worth Dh15 billion. The DLD's database now lists 174 registered real estate developers, underscoring the city's status as a magnet for world-class talent and innovation in the industry. As the market expands, Real Estate Masters remains committed to providing expert, trusted guidance to local and international investors looking to navigate this prosperous landscape.
Dubai's rental market also strongly performed in H1 2023, with 355,515 lease contracts registered. Of these, 166,368 were new contracts, and 189,147 were lease renewals. This growth can be attributed to proactive services, robust infrastructure, and inherent market resilience.
The DLD issued 4,416 real estate licenses in the first half of 2023, reflecting a remarkable growth of 55% compared to H1 2022. This surge in-licenses highlights the department's efforts to foster the growth of the real estate community and attests to the sector's attractiveness to companies and brokers.
As an industry leader, Real Estate Masters recognizes the significance of these trends. We remain committed to staying at the forefront of Dubai's real estate market and offering our clients the highest expertise and service. The sector's ongoing expansion is a testament to the city's unwavering position as a global leader in real estate. In this vibrant market, we continue to excel, providing unmatched knowledge, trust, and industry insight to our clients.
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