Sunday, October 29, 2017

Dubai real estate deals top $55bn in nine months

The total value of real estate transactions in Dubai, UAE for the first nine months of 2017 reached Dh204 billion ($55.5 billion), achieved through 52,170 transactions, according to a report released by Dubai Land Department (DLD).

According to the report, there were a total of 37,633 transactions for land, residential units and buildings, generating a value of over Dh88 billion. There were also 11,699 mortgage transactions worth Dh102 billion and 2,838 other transactions worth Dh14 billion.

 Sultan Butti bin Mejren, director general of Dubai Land Department, commented: "We are delighted to share our new report, which contains many encouraging and promising signs for those interested in Dubai's real estate sector. The data clearly shows an increasing demand across all property categories, including land plots for various forms of real estate development, as well as buildings and residential units, which means that we are attracting a wide variety of investors."
Bin Mejren added: "We expect the market to remain on this upward trajectory of sustained growth, and to see demand continuing to diversify across various real estate categories. The momentum of the market is being driven and sustained by several factors but particularly the upcoming launch of Expo 2020 Dubai."

Land superiority

The latest DLD report shows that the land category attracted Dh143.40 billion worth of investment, achieved from 11,169 transactions across sales, mortgages and other transaction categories. Building sales generated 5,014 transactions with a total value of Dh12.72 billion, while 36,000 transactions for residential units of all types crossed the Dh48.77 billion mark.

Areas in high demand

 The report also reveals the top ten real estate sales areas in Dubai, with 'Burj Khalifa' taking first place in terms of value with 1,650 transactions worth Dh6.239 billion. 'Business Bay' followed in second place with 2,754 transactions worth Dh5,570 billion, while 'Dubai Marina' took third place with 2,596 transactions totalling Dh5.357 billion in value.

'Hadaeq Sheikh Mohammed bin Rashid' came in fourth place with 1,495 transactions worth Dh4,470 billion and 'AL Barsha South Fourth 5' ranked fifth through 2,418 transactions exceeding Dh3 billion in value. The other five places went to 'Al Thanyah 5', 'Al Yufrah 2', 'Jabal Ali First', 'Madinat Al Mataar' and 'Al Yelayiss 2' respectively.

In terms of mortgages, 'Palm Jumeirah' topped the list with 578 transactions exceeding Dh11.38 billion in value, followed by 'Business Bay' with 596 transactions worth Dh4.63 billion. 'Dubai Marina' ranked in third place with 777 transactions worth over Dh3 billion, 'Burj Khalifa' came in fourth place with 434 transactions worth nearly Dh2 billion, and 'Al Thanyah 5' placed fifth with 796 transactions worth Dh1.77 billion. The other five places went to 'Al Thanyah 4', 'Al Barsha South Fourth', 'Jebel Ali First', 'Al Yelayiss 1' and 'Al Thanyah 3' respectively. – TradeArabia News Service

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