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© Reuters. Dubai’s real estate sector increased by 76.5% in value by the end of 2022
Cairo, Jan 16 (.).- Dubai real estate sector transactions closed 2022 exceeding 500,000 million dirhams (136,129 million dollars) for the first time, an increase of 76.5% in value compared to the previous year, published this Monday by the press office of the Government of Dubai.
According to the same source, the crown prince of Dubai and chairman of the emirate’s executive council, Hamdan bin Mohamed, said that “the exceptional performance of the real estate sector in the emirate reflects the vision (…) and the ambitious strategic objectives for the agenda Dubai’s economy for the next 10 years”.
That plan contemplates, among other things, “doubling the size of Dubai’s economy” and “making it one of the three largest economic cities in the world.”
Both the results and the valuations are part of the publication of a report on real estate transactions in Dubai in 2022, whose value exceeded 500,000 million dirhams (136,129 million dollars) for the first time with a development percentage of 44.7%. in terms of size and 76.5% in terms of value compared to 2021.
“The record results achieved by the real estate sector last year are in line with Dubai’s evolution as a global front that attracts international investment, investors and business institutions,” said Hamdan bin Mohamed, before adding that this “confirms the advanced degree of confidence that Dubai enjoys in the investment media”.
For the crown prince of the emirate, “the real estate sector is vital, it represents the main support for future trends in the country, within a Dubai 2040 urbanization plan and the economic agenda for the next decade”, to which he adds the attraction of talent from around the world and enhance Dubai’s rank “as one of the world’s best cities to live, work and visit”.
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