July 20, 2018

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Dubai Land Department records AED111bn transactions in H1 2018

Dubai Land Department records AED111bn transactions
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Dubai Land Department (DLD) has revealed that real estate transactions in Dubai for the first half of 2018 (H1 2018) reached AED111bn.

The strengths portrayed by Dubai’s real estate investments underscore the leadership’s mandate to ease business processes and procedures.

According to the report issued by DLD’s Department of Real Estates Studies & Research, H1 2018 recorded a total of 27,642 transactions, 18,191 sales worth about AED40bn, 7,668 mortgage transactions worth over AED57.6bn, and 1,783 other transactions valued at AED13.4bn.

HE Sultan Butti bin Mejren, director general of Dubai Land Department, commented: “The strategic decisions launched by the Government are in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and have had a significant impact on sustainable
growth and on strengthening the competitiveness of the national economy. Granting investors a UAE residency visa for up to 10 years and reducing government fees included in previous initiatives will be of the most important incentives for economic growth in the emirate, as they will have a positive impact on reducing business costs and will support Dubai’s position as one of the best investment destinations in the world.”

Regarding the size of the investments, the report revealed that during H1 2018, the Dubai real estate market recorded 19,371 investments through 15,659 investors, totalling AED37bn. UAE nationals topped the list with 2,986 investments worth AED6.8bn, while Indian nationals ranked second — with investments that amounted to AED5.9bn through 3,218 investments — followed by Saudi Arabians whose investments were worth almost AED3.7bn through 1,415 investments.

The report revealed as well that the total volume of GCC nationals’ investments in Dubai’s real estate exceeded AED11.6bn through 4,919 transactions made by 3,700 investors, while 2,094 investors from 16 Arab countries concluded 2,561 transactions worth more than AED4.115bn. H1 2018 also saw 9,935 foreign investments from 143 nationalities making more than 11,889 transactions with a total value exceeding AED21bn.

The value of properties registered by female investors, as recorded by DLD, reached AED9bn through 5,526 transactions.

Bin Mejren said: “If we were to identify the reason behind the strengthening real estate market, it would be the level of maturity it has reached to maintain its sustainable growth. Expo 2020 is close at hand, and developers in the market are expressing interest in aligning with the directives of the wise leadership to turn Dubai into a global pioneer and an attractive investment hub in support of Dubai Strategic Plan 2021.”

In the list of top 10 areas in terms of the numbers and values of real estate transactions in the Dubai market during H1 2018, Business Bay topped the list with 1,934 transactions worth almost AED4.2bn, followed by Dubai Marina in second place with 1,445 transactions worth AED2.9bn, and Al Merkadh ranking third with 1,262 transactions valued AED2.1bn.

In terms of mortgages, Dubai Marina listed 498 transactions worth more than AED1.7bn, Jebel Ali First came in second with 454 transactions totalling AED769mn, and Business Bay recorded 453 transactions exceeding AED3bn.

 

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