Dubai – Mubasher: The value of real estate transactions in the emirate of Dubai amounted to AED 162 billion ($44.11 billion) between January and September 2018, the Dubai Land Department (DLD) revealed.
The market enjoyed growth, having recorded 39,802 real estate transactions during the first nine months of the year, the DLD’s data showed, indicating that the growth was driven by optimism from both investors and developers.
This robust activity came on the back of the initiatives and policies issued by UAE vice president and prime minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, according to DLD director general Sultan Butti bin Mejren.
Dubai received 27,174 investments from 21,605 investors, totalling nearly AED 50 billion in the first nine months of the year, the DLD said, highlighting that this reflected the emirate's multi-year sustained growth. The department further noted that investments came from various nationalities, 163 to be exact, with the majority coming from the GCC and Arab world.
This positivity will “resonate in the short and long terms by introducing new sales categories for either personal use or for investing,” bin Mejren added.
Overall, GCC investors were among the top buyers and investors in Dubai properties, logging 6,681 transactions worth AED 13.7 billion.
UAE investors topped investors in Dubai’s property transactions between January and September with 4,112 investments worth AED 9.4 billion, with Indians following closely with 4,676 investments worth AED 8.6 billion.
Saudis came in third with 1,882 investments amounting to around AED 3 billion, while Pakistanis ranked fourth with 1,851 investments worth AED 2.3 billion, and UK nationals came in fifth with 1,761 investments exceeding AED 3.4 billion.
“The list of top 10 investors by nationality also included Dubai residents from China, Egypt, Jordan, Canada, and Russia respectively,” the DLD added.
As indicated Emiratis topped the list GCC investors, followed by citizens of Saudi Arabia, Kuwait, Oman, and Bahrain, respectively, the report concluded.
