Dubai Land Department says 95,000 deals covered between January 2016 and July 2017
Dubai Land Department (DLD) has announced that the total value of real estate transactions in the emirate exceeded $106 billion, covering 95,000 deals in the 18 months from January 2016 to July 2017.
Sultan Butti bin Mejren, director general of DLD, said that the figures underscore growing investor confidence, as well as an increase in the attractiveness of Dubai for real estate investment, according to a WAM report.
“These figures demonstrate an atmosphere of optimism across the real estate market. They also support expert views that emphasise the substantial growth of the real estate market and the maturity it has achieved,” he added.
The report showed that the real estate market saw a considerable number of sales, accounting for 67,409 transactions covering land, buildings and units worth $45.12 billion during the period.
Mortgages were registered at a value of $51.32 billion, with 22,353 transactions, while other deals saw a total value of $9.8 billion through 6,077 transactions.
The report illustrates that unit transactions (63,903) topped the real estate scene in terms of number and were worth $23.41 billion, while land transactions numbering 24,000 topped the list in terms of value with $77.05 billion. As for buildings, transactions reached 8,000 worth $5.72 billion.
Bin Mejren added that current market activities and the expected events and activities related to the upcoming Expo 2020 indicate that the momentum in the real estate market will continue for the foreseeable future.
“We expect the continuation of this bullish wave, in light of the high return on real estate investment and the clear and transparent rules and regulations that govern the market,” he concluded.