Dubai in 2023: new records

A city of luxury and innovation, Dubai maintains its place as one of the most desirable destinations for real estate investment.

In 2023, this stunning city followed several significant trends and set new records. We bring you an overview of the most interesting facts.

Record number of passengers to Dubai

Dubai International Airport (DXB) achieved new targets with a record-breaking 87 million passengers welcomed in 2023, marking a 31.7 percent increase from the previous year. According to the data published by Dubai’s Department of Economy and Tourism (DET), 17.15 million overnight visitors came to Dubai throughout the year. The scale represents a 19.4 percent year-on-year growth in the statistics from last year, as 2022 saw 14.36 million tourist arrivals.

Other telling statistics include the occupancy metrics, which remain among the highest in the world – average occupancy for the hotel sector in 2023 stood at 77.4 %. Hotel room inventory at the end of December 2023 sat at 150,000 rooms at 821 establishments and occupied room nights also set a new record with 41.70 million.

Highlights from real estate sector

Total value of real estate deals in the emirate reached Dh634 billion ($172.6 billion), with the number of transactions hitting 166,400 in 2023. This marked an annual growth of 20 percent in the value of deals and 36 per cent in the number of transactions.

71,002 new investors decided to enter the emirate's property market. The percentage of non-resident investors climbed to 42 % of the total new investors. ,,The results indicate the strength and versatility of Dubai’s economic performance that will help the emirate achieve its Dubai Economic Agenda D33 goals“, said Marwan bin Ghalita, DLD’s acting director general.