Dubai property transactions hit $78bln in 2017
Dubai registered 69,000 real estate transactions according to the Dubai Land Department (DLD).
Dubai registered 69,000 real estate transactions exceeding Dh285 billion in 2017, according to the Dubai Land Department (DLD).
Sultan Butti bin Mejren, director-general of DLD, said: "The figures 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 - 2015 and 2016."
Bin Mejren added: "The numbers 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."
Real estate transactions for 2017 have increased by six per cent in terms of number and four per cent in value when compared to Dh275.8 billion for 2015, and increased by 14 per cent in number and six per cent in value compared to Dh268.7 billion for 2016.
The sales of land, buildings and units in the Dubai real estate market totalled Dh114 billion through 49,000 transactions, while mortgages for the same three categories reached Dh138.5 billion through 15,700 transactions. There were approximately 4,000 other transactions valued at approximately Dh33.3 billion.
Turnout from global investors
Dubai's real estate market attracted 39,480 investors who made nearly 53,000 transactions worth more than Dh107 billion in 2017.
Over 9,790 Gulf nationals made 14,381 transactions worth more than Dh37 billion. The Dubai real estate market attracted nearly 7,000 Arab investors who closed 8,644 real estate transactions worth over Dh14 billion. There was also a high level of activity among foreign investors, with nearly 23,000 investors making approximately 30,000 transactions worth approximately Dh56 billion throughout 2017.
Women investors
The contribution of women to real estate investment is growing, reflected by 11,773 women making a total of 14,316 transactions worth over Dh27 billion.
The UAE investor continued to lead the list of nationalities investing in the Dubai real estate market, with the value of their investments amounting to Dh25.307 billion. The second place was for Indian investors who invested Dh15.6 billion. The Saudis came in third place with investments exceeding Dh7 billion, followed by British and Pakistanis whose investments amounted to Dh6 and 5 billion, respectively.
Other active investors include Chinese, Jordanians, Egyptians and Canadians.
Areas in demand
Burj Khalifa ranked top in terms of value with 2,008 transactions worth Dh7.368 billion. Business Bay followed in second place with 3,763 transactions worth Dh7.115 billion, while Dubai Marina took third place with 3,300 transactions worth nearly Dh7 billion. Hadaeq Sheikh Mohammed bin Rashid came in fourth place with 1,948 transactions worth Dh5.672 billion and Al Barsha South Fourth ranked fifth through 3,138 transactions worth around Dh4 billion in value.
In terms of mortgages, Palm Jumeirah topped the list with 731 transactions exceeding Dh12 billion in value, followed by Business Bay with 769 transactions worth nearly Dh6 billion. Dubai Marina ranked in third place with 1,127 transactions worth over Dh3.7 billion, Al Barsha South Fourth came in fourth place with 670 transactions worth over Dh2.6 billion and Burj Khalifa placed fifth with 545 transactions worth over Dh2.5 billion.
Brokers
Brokers built up Dh1.77 billion for their role in completing sales of land, buildings and residential units. Their share included Dh840 million from land sales, which came close to Dh42 billion. They also earned Dh133 million from sales of buildings, which exceeded Dh6.6 billion, and with commissions amounting to Dh794 million from sales of units worth Dh40 billion. The value of broker commissions is calculated by calculating (two per cent) of the total actual sales.
The number of real estate permits during the same period was 12,407 and the number of real estate offices reached 2,256. The number of registered real estate brokers reached 6,195.
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