Land, residential unit and building transactions exceeded AED 88 billion in value
Total real estate transactions in Dubai for the first nine months of 2017 hits AED 204 billion (approximately $55.5 billion)
According to Dubai Land Department (DLD), the total value of real estate transactions for the first nine months of 2017 reached AED 204 billion, achieved through 52,170 transactions.
According to the report, there were a total of 37,633 transactions for land, residential units and buildings, generating a value of over AED 88 billion. There were also 11,699 mortgage transactions worth AED 102 billion and 2,838 other transactions worth AED 14 billion.
Infographic: Dubai Real Estate Trends
HE 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.”
The latest DLD report shows that the land category attracted AED 143.40 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 AED 12.72 billion, while 36,000 transactions for residential units of all types crossed the AED 48.77 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 AED 6.239 billion. ‘Business Bay’ followed in second place with 2,754 transactions worth AED 5,570 billion, while ‘Dubai Marina’ took third place with 2,596 transactions totalling AED 5.357 billion in value. ‘Hadaeq Sheikh Mohammed bin Rashid’ came in fourth place with 1,495 transactions worth AED 4,470 billion and ‘AL Barsha South Fourth 5’ ranked fifth through 2,418 transactions exceeding AED 3 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 AED 11.38 billion in value, followed by ‘Business Bay’ with 596 transactions worth AED 4.63 billion. ‘Dubai Marina’ ranked in third place with 777 transactions worth over AED 3 billion, ‘Burj Khalifa’ came in fourth place with 434 transactions worth nearly AED 2 billion, and ‘Al Thanyah 5’ placed fifth with 796 transactions worth AED 1.77 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.