Dubai real estate transactions top $106 b in 18 months

Dubai

August 10, 2017 – Dubai Land Department (DLD) has announced that the total value of  real estate transactions in the emirate exceeded Dh390 billion ($106.18 billion) covering 95,000 deals in the 18 months from January 2016 to July, 2017.

Sultan Butti bin Mejren, director general of DLD, was quoted by Wam news agency as saying: “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.”

Bin Mejren added that 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 Dh165.731 billion ($45.12 billion) during the period. Mortgages were registered at a value of Dh188.514 billion ($51.32 billion) with 22,353 transactions, while other deals saw a total value of Dh36 billion ($9.8 billion) through 6,077 transactions.

The report illustrates that unit transactions (63,903) topped the real estate scene in terms of number and were worth Dh86 billion ($23.41 billion), while land transactions (24,000) topped the list in terms of value with Dh283 billion ($77.05 billion). As for buildings, transactions reached 8,000 worth Dh21 billion ($5.72 billion).

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 real estate 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,” he added.

Source:- http://www.ft.lk/article/634209/Dubai-real-estate-transactions-top–106-b-in-18-months

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