DLD says 84 projects with 20,000 units launched in Dubai in 2018
Emirati individuals were 2018's top investors with $2.7bn-worth of spending, followed by Indians with $2.2bn investments
Dubai Land Department (DLD) revealed that the emirate's real estate sector contributed 13.6% to the gross domestic product (GDP) of Dubai in 2018, compared to 6.9% in 2017, with the construction sector's contribution growing from 6.2% in 2017 to 6.4% in 2018.
In its Real Estate Sector Performance 2019 annual report, DLD also revealed that the real estate and construction sectors respectively added 6.8% and 6.2% to Dubai's GDP in 2016.
According to UAE state news agency, Wam, the value of Dubai's GDP in 2018 stood at $108.4bn (AED398bn), 1.9% higher than $106bn (AED390bn) in 2017.
In 2018, DLD recorded nearly 53,000 transactions worth $60.7bn (AED223bn), while more than 41,000 investments — made by more than 31,000 investors — were recorded in the same period, with a total value of $21.8bn (AED80bn).
The report also indicated that the number of individual investors decreased from 62.8% in 2017 to 59.8% in 2018, and the number of corporate investors grew to 40.2% in 2018 from 37.2% in the previous year.
New investors accounted for 66% of the total number of investors in Dubai in 2018, followed by active investors (34%).
Emirati individuals made the most investments in Dubai in 2018, worth $2.7bn (AED10bn), followed closely by Indians, whose investments reached $2.2bn (AED8bn) in 2018.
According to DLD, 62 projects, 74% of which are buildings, followed by villas (15%) and villa complexes (11%) were launched in 2018.
Eighty-four new projects comprising 20,000 units, including villas, buildings, and land plots, were launched in the same year.
More than 4,000 real estate transactions worth $3bn (AED11bn) were recorded in Dubai’s Business Bay area in 2018, which ranked first in terms of both number of transactions and value.
Forty-eight real estate projects were launched in Dubai between January and May 2019, comprising residential apartments, villas, and, villa complexes.
Upon completion, these projects will add 8,000 residential units across 73ha to Dubai.