Dubai government revenues from total sales of the real estate market during 2022 achieved a remarkable jump to reach 10.6 billion dirhams, compared to approximately 6 billion dirhams in 2021, with a growth of 76.6% on an annual basis.
According to data from the Dubai Land Department, real estate sales in the local market in the emirate amounted to 265.6 billion dirhams, a growth of 78%, compared to 149 billion dirhams in the same period in 2021.
In terms of the number of transactions in 2022, 97,478 sales transactions were recorded, with a growth rate of approximately 62%, compared to the same period in 2021, which included 70,887 real estate units, 9,740 buildings and 16,851 lands.
The real estate registration fee on buying and selling transactions in the Dubai market came at 4% of the total value of the property, the least among the most important and important global markets, such as the United Kingdom, which ranges between 3 and 5%, France 6.5%, India between 5 and 10%, and the United States from 4 To 8% depending on the state, and in Singapore between 5 and 10%, with the addition of a cost fee of between 2 and 5% annually.
It is worth noting that real estate transactions in Dubai achieved more than 430 billion dirhams during the year 2022, resulting in 122,044 transactions, compared to about 297.4 billion dirhams that resulted in 83,457 transactions during the same period in 2021, with a growth of 44.7% and 46.3% in terms of value and number. respectively.
