Dubai Land Department issues 9,047 permits in 2022
The growth in permits and licenses are said to reflect the record-breaking year for real estate transactions
The Dubai Land Department issued a total of 9,047 real estate permits and 6,479 real estate licenses in 2022, a growth of 46.6% and 53% respectively from 2021, according to statistics released by the department.
The high growth in permits and licenses are said to reflect the increasing demand from real estate investors across the world, driven by Dubai’s strong growth outlook and the prospects of high returns in the local market.
The growth also reflects the Dubai Land Department’s efforts to provide high-quality services, further enhance the competitiveness of the real estate market and ensure the protection of all stakeholders.
Maintaining its exponential growth trajectory, Dubai’s real estate sector witnessed transactions worth a record $143.8bn in the past year, a 76.5% increase from 2021, the department said.
In early January 2023, CBRE said that Dubai saw a record total of residential transactions in 2022 and, Zoom Property Insights revealed the top locations for apartment and villa sales in 2022 in Dubai.
The highest number of DLD permits in 2022 were issued for online ads with 7,947 permits, followed by classified ads (180), outdoor advertisements (164), vehicle advertisements (140), billboards (138), open-day announcements (95), text messages (84), real estate promotion platforms (75), printed advertisements (50), and project launch ceremonies (38).
Permits were also issued for real estate seminars, promotional campaigns, real estate exhibitions, advertisements and newspapers, among others.
The highest number of DLD licenses were issued to brokerages buying and selling real estate (2,308), followed by real estate leasing brokerages (1,570), transaction follow-up services (1,273), administrative supervision services for real estate (491), buying and selling land and real estate (299), real estate development (161), and commercial complexes (117), the DLD pointed out.
Other key categories in which licenses were issued included jointly-owned property management services, mortgage brokers and shopping centres, among others.
In late January 2023, Samana said it was going to invest $680mn into 12 new projects in 2023.
