Dubai’s H1 2017 real estate transactions hit $36bn
The H1 2017 results reportedly show a 16.8% growth in total value, and a 26% increase in the total number of transactions, compared to figures from the same period in 2016
The total value of Dubai's real estate transactions for the first half of 2017, ending 30 June, reached $35.9bn, it has been revealed.
Dubai Land Department’s (DLD’s) H1 2017 Transactions Report, released through its Real Estate Research and Studies Department, said that the total was achieved through 35,571 transactions.
The report further noted that 25,864 were sales transactions worth more than $17bn (AED63bn) and 7,893 were mortgage transactions worth $16.3bn (AED60bn), while other transaction types stood at 1,814 with a total value of $2.5bn (AED9bn).
The H1 2017 results reportedly show a 16.8% growth in total value, and a 26% increase in the total number of transactions, compared to figures from the same period in 2016.
HE Sultan Butti bin Mejren, director general of DLD, commented: "Our report for the first half of this year bears promising results for professionals in the real estate sector, as despite global economic pressures, Dubai has once again reaffirmed its leadership of regional markets and driven renewed growth in the region.
"Establishing strong foundations for the sustainable growth of our real estate sector has been largely focussed on preserving the rights of all investors and providing a secure environment where their transactions can take place in a transparent matter.
"This has allowed the sector to grow by increasing investor confidence and heightening the appeal of Dubai’s property market."
According to Dubai Media Office, Emirati nationals topped the list of investors for the period, in both transaction number and value, followed by Saudis. Meanwhile, Egyptians and Jordanians led the list of Arab investors from outside the GCC.
For non-Arabs, Indian, Pakistani, British, Chinese, and Canadian nationals were among the top investors during the period.
The DLD report named Dubai Marina the top area in terms of number of transactions, followed by Business Bay, Al Barsha South 4, Jebel Ali, and Al Thaniya.
Value-wise, Palm Jumeirah was first, followed by Business Bay and the Burj Khalifa, Dubai Marina, and Al Wasl areas.