Friday, August 18, 2017 8:26 PM

Home / Dubai land deals value jump 45% in Q1 2017 to Dh77bn

Dubai land deals value jump 45% in Q1 2017 to Dh77bn


Dubai has recorded a 45 per cent jump in land and real estate transactions value to Dh77 billion during the first quarter of 2017, compared to what it was in 2016, a statement by Dubai Land Department said.

The number of land and property transactions reached 20,000 during the same period, it said.

A surge in oil price and new investment from China and India, is set to boost Dubai’s real estate market that is witnessing a massive inflow of capital, evident in Dh12 billion deals concluded in the first 15 days of 2017

Dubai Land Department had earlier said, it witnessed Dh12 billion deals in the first two weeks of 2017, or Dh6 billion in every five working days – creating a history of transactions in the first few weeks in a year. At this rate, Dubai could record real estate deals worth Dh292 billion this year – if the trend continues. This would be way above the last year’s Dh259 billion property deals recorded in 2016.

“According to the Land Department's data analysis there is an increase in the value of transactions by 45 per cent compared to the first quarter of last year 2016. This indicates that the real estate market in Dubai is preparing for a new phase of momentum and the rise and strong results achieved during the first quarter of this year was not surprising but expected, especially with the sustainable growth that the real estate market is currently witnessing,” Sultan Butti bin Mejren, Director General of Dubai Land Department, said.

The total value of real estate investments reached more than Dh40 billion through 15,501 investment transactions in the first quarter of 2017. The growth is in sharp contrast to the last year’s real estate transactions that declined 2.99 per cent to Dh259 billion, down from Dh267 billion recorded in 2015.

 

PROPERTY FILTER


  •