Dubai real estate transactions reach $106bn in 18 months
Dubai Land Department (DLD) announced that the total value of real estate transactions in the emirate has reached more than $106bn (AED390bn) since January 2016
Dubai Land Department (DLD) announced that the total value of real estate transactions in the emirate has reached more than $106bn (AED390bn) since January 2016.
The 18 month transaction report reveals that the real estate market saw a considerable number of sales through 67,409 transactions for land, buildings and units worth $45bn (AED165.7bn).
Overall, there were 95,000 transactions in Dubai from January 2016 to July 2017, according to DLD.
Mortgages were registered at a value of around $50bn (AED186bn) during the same period, achieved through 22,353 transactions, while other transactions saw a total value of $9.8bn (AED36bn) through 6,077 transactions.
HE Sultan Butti bin Mejren, director general of DLD, said: “These figures demonstrate an atmosphere of optimism across the real estate market. They also support expert views that emphasize the substantial growth of the real estate market and the maturity it has achieved.”
Unit transactions were recorded at a value of $23bn (AED86bn), achieved through 63,903 transactions, while land transactions recorded the highest ranked in terms of value through 24,000 transactions worth more than $77bn (AED283bn).
Transactions for buildings reached 8,000 at a value of $5.7bn (AED21bn), the report highlighted.
Bin Mejren added: "The Dubai real estate market is unique compared to the other markets in the region in many aspects, such as the presence of real growth engines as well as other complimentary factors – boosting the demand for the various segments of the real estate market.”