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Dubai real estate transactions hit $55.5bn in nine months

According to a Dubai Land Department report, 37,633 transactions for land, residential units, and buildings generated more than $24bn, while 11,699 mortgage deals amounted to $27.8bn

Business Bay is among the top real estate sales areas in Dubai, according to a DLD report.
Business Bay is among the top real estate sales areas in Dubai, according to a DLD report.

The first nine months of 2017 saw Dubai’s real estate sector record 52,170 transactions, with their total value hitting $55.5bn (AED204bn).

According to a Dubai Land Department (DLD) report, 37,633 transactions for land, residential units, and buildings generated more than $24bn (AED88bn), while 11,699 mortgage deals amounted to $27.8bn (AED102bn).

The remaining 2,838 other transactions were worth AED14bn, UAE state news agency, WAM, noted.

Sultan Butti bin Mejren, director-general of Dubai Land Department, commented: "The data clearly shows an increasing demand across all property categories, including land plots for various forms of real estate development, as well as buildings and residential units, which means that we are attracting a wide variety of investors.

Read: Value of Dubai real estate projects for H1 2017 hits $5.7bn

"We expect the market to remain on this upward trajectory of sustained growth, and to see demand continuing to diversify across various real estate categories. The momentum of the market is being driven and sustained by several factors but particularly the upcoming launch of Expo 2020 Dubai."

The DLD report also revealed that Burj Khalifa, Business Bay, and Dubai Marina were the top real estate sales areas in the emirate during the nine-month period.

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Construction Week - Issue 747
Aug 03, 2019