Wednesday, November 14, 2018 1:45 PM

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Dubai records Dh58 billion worth of real estate transactions in the first quarter of 2018


Dubai Land Department, the emirate’s land and property registrar, said, it has recorded real estate transactions worth Dh58 billion US$15.08 billion) through 13,759 transactions in the first three months of 2018.

The GCC investors led the way, making nearly 2,500 transactions worth around Dh6 billion, while 1,067 investors from other Arab countries concluded 1,250 transactions worth more than Dh2 billion. The first quarter also saw 5,041 investors foreign making more than 5,000 transactions with a total value exceeding Dh10 billion.

Among the investors, 2,431 women made 2,780 investments exceeding Dh4.4 billion in value.

According to the report issued by DLD’s Department of Real Estates Studies and Research, the first quarter of 2018 saw a total of 9,092 sales transaction worth about Dh19 billion, 3,717 mortgage transactions worth over Dh30.6 billion, and 950 other transactions valued at Dh8.40 billion.

Sultan Butti bin Mejren, Director-General of Dubai Land Department (DLD), said, “The Dubai real estate market continues to show continuous growth, driven by general optimism and confidence in the real estate sector. Achieving almost Dh58 billion of transactions shows strong momentum in the real estate sector for the first quarter of 2018, and we expect this to raise the second quarter transaction index and continue to rally before the end of the year. Analysts and experts predict an upsurge as we enter 2019 with unprecedented strength, as many strategic infrastructure projects are due to be completed in Dubai in preparation for Expo 2020.”

“These results have been achieved thanks to our commitment to our leadership’s vision of achieving the highest levels of excellence and developing innovative services that enhance cooperation among investors. Dubai remains an attractive destination for investors seeking a safe return on investment, which is evident from the emirate’s base of investors, who belong to more than 217 nationalities from all over the world.”

List of Top 10 Nationalities Investing

UAE nationals outnumbered all other nationalities including Gulf, Arab and foreign countries, totalling Dh4 billion through 1,587 transactions made by 1,264 investors. They were followed directly by the 1,387 Indian nationals who invested Dh3 billion through 1,550 transactions.  Saudis came in third place with investments of nearly Dh1.3 billion, Pakistan and the UK followed on fourth in fifth place, and Chinese, Egyptian, Russian, Jordanian and Canadian nationalities ranked from the 6th to 10th respectively.

High Demand Areas

In terms of sales, Business Bay topped the list with 973 transactions worth almost Dh2 billion, followed by Dubai Marina with 720 transactions worth Dh1.37 billion. Al Barsha South Fourth came in third place with 681 transactions worth Dh1.14 billion.

The other seven places went to Al Merkadh, Jebel Ali First, Al Hebiah Fourth, Al Warsan 1, Al Thunaya 5, Al Yelayiss 2, and the Palm Jumeirah.

In terms of mortgages, Business Bay listed 249 transactions worth more than Dh1.8 billion, followed by Al Thunaya 5 with 195 transactions worth Dh613 million, and Dubai Marina with 192 transactions worth Dh289 million. The following seven places went to Jebel Ali Al First, Nad Al Sheba 1, Al Barsha South Fourth, Al Thunaya 3, Burj Khalifa, Palm Jumeirah, Al Thunaya 4 respectively.

Real Estate Brokers and Permits

Brokers made Dh240 million in commission in land, building and residential unit sales. The number of real estate permits issued reached 1,773 during the same period, while the number of real estate offices reached 2,165. According to DLD’s statistics, Dubai is now home to a total of 6,177 real estate brokers.