Value of Dubai’s 2017 real estate transactions exceeds $77bn
Dubai recorded 69,000 real estate transactions, worth more than $77.6bn (AED285bn), in 2017, it has been revealed.
Announcing the emirate’s real estate market results, the Dubai Land Department (DLD) said in a statement that 2017 transactions recorded a 6% increase in value compared to 2016’s $73.2bn (AED268.7bn), and a 4% rise compared to 2015’s $75.1bn (AED275.8bn).
Sultan Butti bin Mejren, director general of DLD.
Sultan Butti bin Mejren, director general of DLD, said: “The figures disclosed in the report for total transactions, including sales, mortgages, and others, confirm the current strength of the Dubai real estate market, in particular when compared against the past two years.
“The 2017 [Annual Transactions Report] sends reassuring messages of renewed cycles of growth in the coming years, especially when we take into account the modern-day infrastructure that exists in Dubai.”
He continued: “The numbers and figures contained in the report confirm the strength of the Dubai real estate market and its ability to grow from year to year. Among the positive signs of the report is the lead UAE nationals have in investments, as well as the diversity of the investor base, which reflects the attractiveness of the Dubai real estate market to global investors.”
Dubai’s real estate market reportedly attracted investors from around the world, including Gulf nationals, Arabs, and foreigners, with a total of 39,480 investors making nearly 53,000 transactions worth more than $29.1bn (AED107bn).
The report further revealed that over 9,790 Gulf nationals made 14,381 transactions worth more than $10.1bn (AED37bn), and close to 7,000 Arab investors completed 8,644 real estate transactions with a collective value of more than $3.9bn (AED14bn).
Meanwhile, nearly 23,000 foreign investors made around 30,000 transactions worth approximately (AED56bn) throughout 2017, DLD added.
“Looking at the details of the results from 2017, the sales of land, buildings, and units in the Dubai real estate market totalled $31bn (AED114bn) through 49,000 transactions, while mortgages for the same three categories reached $37.7bn (AED138.5bn) through 15,700 transactions,” said bin Mejren.
“There were approximately 4,000 other transactions valued at approximately $9.1bn (AED33.3bn), where the total turnover for the year 2017 was $77.8bn (AED285.6bn) from 69,000 transactions.”
Editor's Note: This article was originally published in Contruction Week Online on Tuesday January 9th, 2018 http://bit.ly/ConstructionWeekly