Dh58 billion total real estate transactions for Q1 2018
DUBAI 15 April 2018: Dubai Land Department (DLD) has revealed that real estate transactions in Dubai for the first three months of 2018 totalled Dh58 billion through 13,759 transactions.
Sultan Butti bin Mejren, Director General of DLD, said the Dubai real estate market continues to show “continuous growth, driven by general optimism and confidence in the real estate sector.”
Bin Mejren added: “We expect this to raise the Q2 transaction index and continue to rally before the end of the year. Analysts and experts predict an upsurge as we enter 2019 with unprecedented strength, as many strategic infrastructure projects are due to be completed in Dubai in preparation for Expo 2020.”
According to the report issued by DLD’s Department of Real Estates Studies & Research, Q1 2018 saw a total of 9,092 sales transaction worth about Dh19 billion, 3,717 mortgage transactions worth over Dh30.6 billion, and 950 other transactions valued at Dh8,408 billion.
Assessing the top players in Dubai’s real estate market, DLD has confirmed that GCC investors led the way, making nearly 2,500 transactions worth around Dh6 billion, while 1,067 investors from other Arab countries concluded 1,250 transactions worth more than Dh2 billion. Q1 also saw 5,041 investors foreign making more than 5,000 transactions with a total value exceeding Dh10 billion.
List of Top 10 Nationalities
UAE nationals outnumbered all other nationalities including Gulf, Arab and foreign countries, totalling Dh4 billion through 1,587 transactions made by 1,264 investors. They were followed directly by the 1,387 Indian nationals who invested Dh3 billion through 1,550 transactions. Saudis came in third place with investments of nearly Dh1.3 billion, Pakistan and the UK followed on fourth in fifth place, and Chinese, Egyptian, Russian, Jordanian and Canadian nationalities ranked from the 6th to 10th respectively.
Areas in High Demand
In terms of sales, Business Bay topped the list with 973 transactions worth almost Dh2 billion, followed by Dubai Marina with 720 transactions worth Dh1.371 billion. Al Barsha South Fourth came in third place with 681 transactions worth Dh1.140 billion.
The other seven places went to Al Merkadh, Jebel Ali First, Al Hebiah Fourth, Al Warsan 1, Al Thunaya 5, Al Yelayiss 2, and the Palm Jumeirah.
In terms of mortgages, Business Bay listed 249 transactions worth more than Dh1.8 billion, followed by Al Thunaya 5 with 195 transactions worth Dh613 million, and Dubai Marina with 192 transactions worth Dh289 million.
The following seven places went to Jebel Ali Al First, Nad Al Sheba 1, Al Barsha South Fourth, Al Thunaya 3, Burj Khalifa, Palm Jumeirah, Al Thunaya 4 respectively.
Real Estate Brokers and Permits
Brokers benefited from an increase in demand for Dubai properties and made up to Dh240 million in land, building and residential unit sales. The number of real estate permits issued reached 1,773 during the same period, while the number of real estate offices reached 2,165. According to DLD’s statistics, Dubai is now home to a total of 6,177 real estate brokers.
During Q1, the level of investment from women was also exceptionally high, with 2,431 women making 2,780 investments exceeding Dh4.4 billion in value.