Dubai Q3 property transactions total $4.6bn

Dubai Q3 property transactions total $4.6bn

More than $4.6 billion-worth of property transactions were recorded in Dubai in the third-quarter of 2018, up from $3.29 billion the previous quarter, according to a new report published by international real estate broker, Luxhabitat.

More than 6,300 properties were purchased during the period, with 80% of the total number being apartments, the company reported.

Furthermore, 60% of all properties sold in Q3 were located in off-plan projects in areas including Port de La Mer and Madinat Jumeirah.

“Jumeirah has traditionally been a leasehold area, complete with plots and villas, mostly owned by GCC nationals and rented by well-to-do expats,” Luxhabitat associate director Brigitte Tenbergen toldArabian Business.

“With the launch of freehold projects like Port de La Mer and Madinat Jumeirah Living, it holds a lot of promise for the Dubai real estate residential market to pick up … There’s been an overwhelming demand for apartments in these projects. These projects also have a relatively reasonable price tag and have been a major success.” 

In terms of overall sales volumes during the third quarter, Jumeirah topped the list of most popular districts with $354 million-worth of sales, followed by Downtown Dubai ($326 million), Mohammed bin Rashid City ($288 million), Dubai Creek Harbour ($178 million) and Dubai Marina ($180 million).

The Luxhabitat report caps a successful year to date for Dubai’s property sector. It follows on from the release of Dubai Land Department data that showed there were 39,802 property transactions worth $44.1 billion recorded in the emirate in the first nine months of the year.

Breaking down this figure shows there were 25,473 were sales transactions worth more than AED56.6 billion; about 11,000 mortgage transactions worth over AED 86billion, and 3,486 other transactions valued at AED19.3 billion.

Dubai property investment opportunity - The First Group

We noticed you haven't
downloaded our exclusive
Hotel Investment Report.

Learn more about lucrative
opportunities in Dubai.

Access The Report

Fill in the form to access your exclusive report!

Invalid Number

Thank you for downloading the hotel investment report