Property

Dubai sees $55bn of real estate transactions in 9 months

Dubai Land Department reports 52,170 transactions in first nine months of 2017

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Dubai Land Department (DLD) has announced that the total value of real estate transactions for the first nine months of 2017 reached AED204 billion ($55.5bn), WAM reported.

There were a total of 52,170 transactions during the period, it was reported.

According to the DLD report, there were a total of 37,633 transactions for land, residential units and buildings, generating a value of over AED88 billion. There were also 11,699 mortgage transactions worth AED102 billion and 2,838 other transactions worth AED14 billion.

Sultan Butti bin Mejren, Director-General of Dubai Land Department, said, “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.”

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