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Dubai posts USD106bn in transactions over 18 months

Property Markets / Transactions

United Arab Emirates

Aug 10 2017

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Property Report

Over 95,000 transactions with a combined value of AED390 billion (USD106 billion) occurred in Dubai real estate over an 18-month period ending 31 July, data from the emirate’s Land Department showed this week. 

Unit handovers and off-plan buys made the bulk of the transactions, with 63,903 deals valued at AED86 billion. Land transactions numbered at around 24,000 or a combined value of AED283 billion.

“These figures demonstrate an atmosphere of optimism across the real estate market,” said Sultan Butti Bin Mejren, Land Department director-general, in a statement.

The period tracked also saw 8,000 transactions for buildings with a value of AED21 billion. There were 67,409 transactions for land, buildings and units worth AED165.731 billion, while AED188.514 billion in 22,353 transactions were recorded for mortgages, suggesting a healthy proportion of end-user activity.

Other transactions, which numbered 6,077, accounted for AED36 billion. 

"By examining the current market activities and the expected events and activities related to the upcoming Expo 2020, this momentum will remain in the foreseeable future,” Bin Mejren stated. “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."

SOURCE: Property Report

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