Dubai – Mubasher: Dubai Land Department (DLD) announced that real estate transactions in the emirate had amounted to AED 58 billion through 13,759 transactions for the first quarter of 2018.
Sales stood at AED 19 billion through 9,092 transactions in Q1-18, while mortgages valued at AED 30.6 billion through 3,717 transactions, and 950 other transactions worth AED 8,408 billion, according to a report issued by DLD’s Department of Real Estates Studies and Research.
Director general of DLD Sultan Butti bin Mejren commented: “Achieving almost AED 58 billion of transactions shows strong momentum in the real estate sector for Q1, and we expect this to raise the Q2 transaction index and continue to rally before the end of the year.”
Dubai's state-run entity said that the GCC investors were the “top players” in Dubai’s real estate market in the first three-month period of this year with nearly 2,500 transactions worth about AED 6 billion.
Meanwhile, investors from other Arab countries had conducted nearly 1,250 transactions at a value of more than AED 2 billion, the report added.
Moreover, about 5,041 foreign investors have concluded approximately 5,000 transactions worth more than AED 10 billion, the DLD noted.
Emirati investors topped other nationalities, including the GCC, Arab, and foreign countries, investing in Dubai’s real estate market in the January-March period of 2018 with 1,587 transactions worth AED 4 billion made by 1,264 investors, the report indicated.
Indian investors came at the second spot with 1,550 transactions valued at AED 3 billion made by 1,387 Indian nationals, followed by Saudis with investments worth AED 1.3 billion, the report highlighted.
“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,” the report said.
Furthermore, Business Bay topped the list in terms of sales with 973 transactions worth nearly AED 2 billion, followed by Dubai Marina with 720 transactions valued at AED 1.371 billion, the report remarked.
Al Barsha South Fourth was ranked third with 681 transactions valued at nearly AED 1.140 billion, the DLD said.
In terms of mortgage transactions, Business Bay topped the list with 249 transactions valued at more than AED 1.8 billion, followed by Al Thunaya 5 with 195 transactions worth nearly AED 613 million, and Dubai Marina with 192 transactions worth AED 289 million, the report noted.
Brokers have made up to AED 240 million in land, building and residential unit sales during Q1-18 due to an increase in demand for Dubai properties, the report added.
Transactions by female investors in Dubai’s real estate market during Q1-18 were “exceptionally high” with 2,780 investments worth more than AED 4.4 billion made by nearly 2,431 women.
Dubai’s real estate sector is getting ready for an upturn as infrastructure projects are scheduled to be completed in line with Expo 2020 preparations.
