Dubai real estate transactions exceeds $106bn in 18 months
Dubai Land Department (DLD) has announced that the total value of the real estate transactions in the emirate exceeded AED390bn, covering 95,000 deals in the 18 months from January 2016 to July 2017.
Sultan Butti bin Mejren, director general of DLD, told WAM: “These figures demonstrate an atmosphere of optimism across the real estate market. They also support expert views that emphasise the substantial growth of the real estate market and the maturity it has achieved. The figures underscore the growing investor confidence, as well as an increase in the attractiveness of Dubai for real estate investment.”
The report reveals that the real estate market saw a considerable number of sales accounting for 67,409 transactions covering land, buildings and units worth AED165.7bn during the period. Mortgages were registered at a value of AED188.5bn with 22,353 transactions, while other deals saw a total value of AED36bn through 6,077 transactions.
The report illustrates that unit transactions (63,903) topped the property scene in terms of number and were worth AED86bn, while land transactions (24,000) topped the list in terms of value with AED283bn. As for buildings, transactions reached 8,000 worth AED21bn.
Bin Mejren said the current market activities and the expected events and activities related to the upcoming Expo 2020 indicate that the momentum in the property market will continue for the foreseeable future. “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.”
