AED162 Bn Real Estate Transactions Conducted In Dubai In Nine Months
Fakhir Rizvi 9 days ago Sat 13th October 2018 | 11:00 PM
In the latest report issued by Dubai Land Department (DLD), Dubai’s real estate market witnessed a continuous growth driven by optimism among investors and developers, where the market recorded 39,802 real estate transactions worth AED162 billion from the beginning of the year till the end of September.
DUBAI, (UrduPoint / Pakistan Point News / WAM - 13th Oct, 2018) In the latest report issued by Dubai Land Department (DLD), Dubai’s real estate market witnessed a continuous growth driven by optimism among investors and developers, where the market recorded 39,802 real estate transactions worth AED162 billion from the beginning of the year till the end of September.
Commenting on these promising figures, Sultan Butti bin Mejren, Director General of DLD, stressed that these results were achieved thanks to the wise policies adopted by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, and the recent incentives to consolidate the Emirate's position as a preferred investment destination.
Bin Mejren added: "The positive results of these decisions are evident in the prevalent confidence among the various relevant parties in the market. These positive repercussions will continue to resonate in the short and long terms by introducing new sales categories for either personal use or for investing."
According to a report issued by DLD’s Department of Real Estates Studies & Research, the first nine months of 2018 recorded 25,473 sales transactions worth more than AED56.6 billion, about 11,000 mortgage transactions worth over AED 86 billion, and 3,486 other transactions valued at AED 19.3 billion.
During the first nine months of the year, Dubai received 27,174 investments through 21,605 investors, totalling nearly AED50 billion, reflecting the Emirate's sustained growth for years, consolidated by the huge diversity of investors from the UAE, the GCC, the Arab World, and the world at large.
In total, the investments came from 163 nationalities, of which 16 were Arab, 5 from the GCC, and 142 were foreigners. When looking at the list of top 10 investors by nationality, the Emiratis and Indians competed head to head to top the list, with the former recording 4,112 investments worth AED9.4 billion, while the latter recorded 4,676 investments worth AED8.6 billion.
The Saudis came third with 1,882 investments worth around AED3 billion, followed by Pakistanis who recorded 1,851 investments worth AED2.3 billion, and UK nationals ranked fifth with 1,761 investments worth over AED3.4 billion. The list of top 10 investors by nationality also included Dubai residents from China, Egypt, Jordan, Canada, and Russia respectively.
GCC nationals displayed a strong demand for investment in the first nine months of the year, and the report revealed that their transactions exceeded AED 13.
Demand from Arabs and foreigners Referring to Arab investments in Dubai, the report revealed that Dubai’s real estate market welcomed investors from 16 Arab nationalities, where a total of 2,894 investors recorded 3,607 investments worth around AED6 billion. Jordanians topped the list of highest Arab investors with 644 investments by 548 investors, worth over AED1.2 billion, followed by Egyptians who recorded 719 transactions made by 623 investors, worth over AED1 billion. Iraqis and Lebanese investors came third and fourth respectively.
A total of 142 foreign nationalities chose Dubai as a destination for their investments. Up to13,821 investors concluded 16,900 investments worth over AED30.2 billion, reaffirming bin Mejren’s opinion when talking about the diversity of the investor base that helped Dubai’s real estate market demonstrate its ability to compete with other destinations while enhancing investor confidence in the market.
The top four foreign nationalities who invested in Dubai are Indians, Britons, Pakistanis, and Chinese people. Indian investments were worth over AED8.6 billion, significantly exceeding British investments who came second with investments worth over AED3.4 billion. Pakistanis recorded AED2.3 billion in investments, while the Chinese pumped AED1.7 billion into Dubai’s real estate market.
In the list of top 10 areas in terms of the numbers and values of real estate transactions in the Dubai market during the first nine months of 2018, business Bay topped the list with 2,644 transactions worth AED5.312 billion and Dubai Marina came in second. The remaining eight areas went to Al Barsha South Fourth, Al Merkadh, Al Warsan 1, Jebel Ali First, Burj Khalifa, Al Thanyah Fifth, Al Hebiah Fourth, and Al Yelayiss 2.
In terms of mortgages, Dubai Marina listed 736 transactions worth AED2.238 billion, Al Thanyah Fifth came in second with 640 transactions totalling AED1.356 billion, and Business Bay recorded 590 transactions exceeding AED3.7 billion, topping the list in terms of value. The remaining seven areas went to Jebel Ali First, Al Barsha South Fourth, Burj Khalifa, Al Hebiah Third, Palm Jumeirah, Al Thanyah Fourth, and Al Thanyah Third.