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Home / Real estate transactions in Dubai exceeded US$106 billion in 18 months

Real estate transactions in Dubai exceeded US$106 billion in 18 months

The total value of real estate transactions in Dubai exceeded Dh390 billion across 95,000 transactions in 18 months (1 Jan 2016 – 31 July 2017), according to Dubai Land Department. This is higher than the nominal gross domestic product (GDP) of 150 countries in the world.

Dubai Land Department (DLD) report shows that the real estate market saw a considerable number of sales through 67,409 transactions for land, buildings and units worth Dh165.73 billion. For the same period, mortgages were registered at a value of Dh188.51 billion, achieved through 22,353 transactions, while other transactions saw a total value of Dh36 billion through 6,077 transactions.

The report illustrates that unit transactions have topped the real estate scene in terms of number, and were recorded at a value of Dh86 billion, achieved through 63,903 transactions, while land transactions recorded the highest ranked in terms of value through 24,000 transactions worth more than Dh283 billion. As for buildings, transactions reached 8,000 - worth Dh21 billion.

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. 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. By examining the current market activities and the expected events and activities related to the upcoming Expo 2020, this momentum will remain in the foreseeable future. We expect the continuation of this bullish wave, in light of the high return on real estate investment and the clear and transparent rules and regulations that govern the market.”

Dubai Land Department (DLD) had earlier reported that the land and property transaction value grew 16.8 per cent to US$36 billion (Dh132 billion) in the first half of 2017, compared to the corresponding period last year. The total number of sales, mortgages and other transactions reached 35,571 from January 1 to June 30, 2017, Dubai Land Department (DLD) said.  This includes 25,864 sales transactions worth over Dh63 billion and 7,893 mortgage transactions worth Dh60 billion, while 1,814 other types of transaction brought in Dh9 billion.

Land represented Dh91 billion from approximately 8,000 transactions, while building sales accomplished 3,887 transactions with a total value of Dh10 billion and unit sales crossed the Dh31 billion mark from 24 transactions.