Dubai real estate transactions top $106bn in 18 months
The value of real estate transactions in Dubai exceeded AED390 billion (US$106 billion) across 95,000 transactions in the 18 months from January 1, 2016, to July 21, 2017, the Dubai Land Department (DLD) has revealed.
“These figures demonstrate an atmosphere of optimism across the real estate market,” said DLD director general Sultan Butti bin Mejren.
“They also support expert views that emphasise the substantial growth of the real estate market and the maturity it has achieved,” he said.
The figures demonstrated growing investor confidence in Dubai’s real estate market, which remains lucractive and attractive to buyers from all over the world, he added.
The DLD’s 18-month transaction report reveals that 67,409 transactions for land, buildings and units worth AED166 billion ($45 billion) took place during the period.
Mortgages worth AED188 billion ($51.5 billion) were also registered, achieved through 22,353 transactions, while an additional 6,077 transactions worth AED36 billion ($9.8 billion) were reported.
Land transactions topped the rankings, with a value of AED283 billion ($77 billion) through 24,000 transactions. Unit transactions worth AED86 billion ($23.4 billion) were achieved through 63,903 transactions, and as for buildings, transactions reached 8,000, worth AED21 billion ($5.72 billion).
Bin Mejren said the Dubai real estate market was “unique” compared to other markets in the region, with the city appealing to a broad range of investors, thanks to its appeal as a regional hub for tourism, trade and finance.
He said events and activities related to the upcoming Expo Dubai 2020 would give the sector a further boost.
“We expect the continuation of this bullish wave, in light of the high return on real estate investment and the clear and transparent rules and regulations that govern the market,” Bin Mejren concluded.