property

Dubai Land Department sees Dh58b total real estate transactions for first quarter of 2018

GCC investors led the way, making nearly 2,500 transactions worth around Dh6b

WAM
16:51 April 14, 2018

Dubai: The Dubai Land Department, DLD, announced that the real estate transactions in Dubai for the first three months of 2018 totalled Dh58 billion through 13,759 sales.

“The Dubai real estate market continues to show continuous growth, driven by general optimism and confidence in the real estate sector,” said Sultan Butti Bin Mejren, Director-General of DLD.

“Achieving almost Dh58 billion in transactions shows strong momentum in the real estate sector for the first quarter, and we expect this to raise the second quarter 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.

According to the report issued by DLD’s Department of Real Estates Studies and Research, in the first quarter of 2018 saw a total of 9,092 sales transaction worth about Dh19 billion, 3,717 mortgage transactions worth over Dh30.6 billion, and 950 other transactions valued at Dh8.4 billion.

Foreign investors

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 Dh6 billion, while 1,067 investors from other Arab countries concluded 1,250 operations worth more than Dh2 billion. The first quarter also saw 5,041 foreign investors making more than 5,000 transactions with a total value exceeding Dh10 billion.

UAE nationals outnumbered all other nationalities including Gulf, Arab and foreign countries, totalling Dh4 billion through 1,587 transactions made by 1,264 investors. They were followed directly by the 1,387 Indian nationals who invested Dh3 billion through 1,550 transactions. Saudis came in third place with investments of nearly Dh1.3 billion, 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.

Regarding sales, Business Bay topped the list with 973 transactions worth almost Dh2 billion, followed by Dubai Marina with 720 deals worth Dh1.371 billion. Al Barsha South Fourth came in third place with 681 sales worth Dh1.140 billion.

Brokers benefited from an increase in demand for Dubai properties and made up to Dh240 million in the land, building and residential unit sales. The number of real estate permits issued reached 1,773 during the same period, while the number of real estate offices reached 2,165. According to DLD’s statistics, Dubai is now home to a total of 6,177 real estate brokers.