Skip to main content

Dubai real estate transactions hit record high

The Dubai skyline, including Burj Khalifa the world’s tallest building, in the United Arab Emirates, on June 20, 2022
— Dubai (AFP)

Dubai recorded real estate transactions worth more than $143 billion in 2022, the official Dubai Media Office said Monday, calling it a "milestone" for the United Arab Emirate's main business hub.

The property boom comes amid an influx of Russians who have purchased properties in some of Dubai's most popular areas, after Moscow faced a tightening of Western sanctions following its invasion of Ukraine.

"Dubai's annual real estate transactions have crossed the milestone of half a trillion dirhams for the first time," the Dubai Media Office said in a statement.

"The sector witnessed transactions worth a record 528 billion dirhams in 2022, a 76.5 percent increase from 2021."

The real estate sector accounts for about a third of the economy in Dubai.

It has steadily grown since an easing of Covid-19 pandemic restrictions saw Dubai open up much earlier than the rest of the world.

Russians were the biggest international buyers of Dubai real estate last year, Bloomberg reported, citing brokerage Betterhomes.

It said that the emirate registered more than 86,000 residential sales transactions in 2022, beating the previous record of 80,000 in 2009.

Dubai's "real estate sector has demonstrated its ability to sustain its rapid growth and enhance its attractiveness as an investment magnet," said Sultan Butti bin Mejren, director general of the government's Dubai Land Department.

"The sector is set to achieve even greater growth in the future," the Dubai Media Office quoted him as saying.

Join hundreds of Middle East professionals with Al-Monitor PRO.

Business and policy professionals use PRO to monitor the regional economy and improve their reports, memos and presentations. Try it for free and cancel anytime.


The Middle East's Best Newsletters

Join over 50,000 readers who access our journalists dedicated newsletters, covering the top political, security, business and tech issues across the region each week.
Delivered straight to your inbox.


What's included:
Our Expertise

Free newsletters available:

  • The Takeaway & Week in Review
  • Middle East Minute (AM)
  • Daily Briefing (PM)
  • Business & Tech Briefing
  • Security Briefing
  • Gulf Briefing
  • Israel Briefing
  • Palestine Briefing
  • Turkey Briefing
  • Iraq Briefing

Premium Membership

Join the Middle East's most notable experts for premium memos, trend reports, live video Q&A, and intimate in-person events, each detailing exclusive insights on business and geopolitical trends shaping the region.

$25.00 / month
billed annually

Become Member Start with 1-week free trial

We also offer team plans. Please send an email to and we'll onboard your team.

What's included:
Our Expertise AI-driven

Memos - premium analytical writing: actionable insights on markets and geopolitics.

Live Video Q&A - Hear from our top journalists and regional experts.

Special Events - Intimate in-person events with business & political VIPs.

Trend Reports - Deep dive analysis on market updates.

All premium Industry Newsletters - Monitor the Middle East's most important industries. Prioritize your target industries for weekly review:

  • Capital Markets & Private Equity
  • Venture Capital & Startups
  • Green Energy
  • Supply Chain
  • Sustainable Development
  • Leading Edge Technology
  • Oil & Gas
  • Real Estate & Construction
  • Banking

Already a Member? Sign in

Start your PRO membership today.

Join the Middle East's top business and policy professionals to access exclusive PRO insights today.

Join Al-Monitor PRO Start with 1-week free trial