Resicom – Holiday Investment – 04-21 – LB

Dubai Property Deals over $55 Billion in 2017

Over 55 billion dollars’ worth of property deals have been registered in Dubai during the first nine months of 2017.

The latest data released by the Dubai Land Department (DLD) showed that 52,170 property deals were transacted from January to September this year, reaching a total value of AED204 billion ($55.5 billion).

There was a total of 37,633 transactions for land, residential units and buildings, generating a value of over AED88 billion.

In addition, there were also 11,699 mortgage transactions worth AED102 billion and 2,838 other transactions worth AED14 billion.

The DLD report also broke the property deals down into categories, showing that the land category attracted AED143.40 billion worth of investment, achieved from 11,169 transactions across sales, mortgages and other transaction categories.

Building sales generated 5,014 transactions with a total value of AED12.72 billion, while 36,000 transactions for residential units of all types crossed the AED48.77 billion mark.

Director general of Dubai Land Department, Sultan Butti bin Mejren, 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.’

He continued: ‘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.’

The top areas for property deals were also revealed in the report.

Burj Khalifa took first place in terms of value with 1,650 transactions worth AED6.239 billion.

Business Bay came in second with 2,754 transactions worth AED5.570 billion, closely followed by Dubai Marina in third place with 2,596 transactions totalling AED5.357 billion in value.

For mortgage transactions, Palm Jumeirah took top spot with 578 transactions exceeding AED11.38 billion in value, followed by Business Bay and Dubai Marina again in second and third place.

It seems that now could be the time for overseas property investors to consider Dubai in the lead up to Expo 2020.

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