Dubai Land Department (DLD) has announced that real estate transactions in Dubai, UAE has reached a value of Dh132 billion ($36 billion) during the first half (H1) of 2017.
Achieved through 35,571 sales, mortgages, and other transactions, the market transactions show a high percentage of growth when compared to the same period last year. This year’s transactions are up 25.91% compared to transactions of H1 2016.
According to the report, the Dubai real estate market generated a total of 25,864 sales transactions worth over Dh63 billion and 7,893 mortgage transactions worth Dh60 billion, while 1,814 other types of transaction brought in Dh9 billion.
Moreover, the land category represented Dh91 billion from approximately 8,000 transactions, while building sales accomplished 3,887 transactions with a total value of Dh10 billion and unit sales crossed the Dh31 billion mark from 24 transactions.
Sultan Butti bin Mejren – director general of DLD – said: “Our report for the first half of this year bears promising results for professionals in the real estate sector, as despite global economic pressures, Dubai has once again reaffirmed its leadership of regional markets and driven renewed growth in the region.”
As for the investors, Emirati investors ranked first for both number and value of transactions, completing 4,510 transactions worth Dh15 billion. They are followed by Saudis with a total of 1,936 transactions worth Dh4 billion. The total value generated by GCC investors increased by 16 per cent compared to the same period last year, with 7,665 transactions worth Dh21.7 billion.
The report also highlighted the top ten areas in Dubai in terms of number and value of transactions. Dubai Marina came in first place with 2,529 transactions, followed by Business Bay with 2,146 transactions, Al Barsha South 4 with 2,001 transactions, Jebel Ali 1 with 1,931 transactions, and in fifth place Al Thaniya 5 with 1,501 transactions.
As for value, Palm Jumeirah claimed first place with transactions worth Dh9.5 billion, followed by Dh6.5 billion for Business Bay, Dh5.8 billion for both the Burj Khalifa and Dubai Marina areas, and Dh5.6 billion for Al Wasl area.