DLD posts AED58bn property transactions in Q1 2018
Dubai Land Department (DLD) revealed that real estate transactions in Dubai for the first three months of 2018 totalled AED58bn through 13,759 transactions.
HE Sultan Butti bin Mejren, director general of DLD, commented: “The Dubai real estate market continues to show continuous growth, driven by general optimism and confidence in the real estate sector. Achieving almost AED58bn of transactions shows strong momentum in the real estate sector for Q1, and we expect this to raise the Q2 transaction index and continue to rally before the end of the year. Analysts and experts predict an upsurge as we enter 2019 with unprecedented strength, as many strategic infrastructure projects are due to be completed in Dubai in preparation for Expo 2020.”
He added: “These results have been achieved thanks to our commitment to our leadership’s vision of achieving the highest levels of excellence and developing innovative services that enhance cooperation among investors. Dubai remains an attractive destination for investors seeking a safe return on investment, which is evident from the emirate’s base of investors, who belong to more than 217 nationalities from all over the world.”
According to the report issued by DLD’s Department of Real Estates Studies & Research, Q1 2018 saw a total of 9,092 sales transaction worth about AED19bn, 3,717 mortgage transactions worth over AED30.6bn, and 950 other transactions valued at AED8,408bn.
Assessing the top players in Dubai’s real estate market, DLD has confirmed that GCC investors led the way, making nearly 2,500 transactions worth around AED6bn, while 1,067 investors from other Arab countries concluded 1,250 transactions worth more than AED2bn.
The UAE nationals outnumbered all other nationalities including Gulf, Arab and foreign countries, totalling AED4bn through 1,587 transactions made by 1,264 investors. They were followed directly by the 1,387 Indian nationals who invested AED3bn through 1,550 transactions. Saudis came in third place with investments of nearly AED1.3bn, Pakistan and the UK followed on fourth in fifth place, and Chinese, Egyptian, Russian, Jordanian, and Canadian
nationalities ranked from the 6th to 10th respectively.