Dubai’s real estate market saw 69,000 transactions completed during 2017, worth over AED285 billion ($77.6bn), according to the Dubai Land Department’s (DLD) annual results.
The 2017 figures, which includes sales, mortgages and others, marked a six percent increase in number of transactions in 2016, and four percent in terms of value (AED 268.7bn).
Sultan Butti bin Mejren, director general of DLD, said the figures confirm the current strength of the Dubai real estate market.
“The 2017 report sends reassuring messages of renewed cycles of growth in the coming years, especially when we take into account the modern-day infrastructure that exists in Dubai,” said bin Mejren.
“The numbers and figures contained in the report confirm the strength of the Dubai real estate market and its ability to grow from year to year.
“Among the positive signs of the report is the lead UAE nationals have in investments, as well as the diversity of the investor base which reflects the attractiveness of the Dubai real estate market to global investors.”
Bin Mejren said sales of land, buildings and units in the Dubai real estate market totalled AED 114 billion through 49,000 transactions, while mortgages for the same three categories reached AED 138.5 billion through 15,700 transactions.
He added that there were approximately 4,000 other transactions valued at approximately AED 33.3 billion, where the total turnover for the year 2017 was AED 285.562 billion from 69,000 transactions.
Investors from the UAE continued to lead the list of nationalities buying property in Dubai, where the value of their investments amounted to AED 25.307 billion.
Indian investors came second, investing AED 15.6 billion, while Saudis were third place with investments exceeding AED 7 billion dirhams, followed by British and Pakistanis whose investments amounted to AED 6 and 5 billion, respectively.
Other active investors include Chinese, Jordanians, Egyptians and Canadians.
Brokers were paid AED1.77 billion for their role in completing sales of land, buildings and residential units, which included AED 840 million from land sales. The value of broker commissions is calculated by calculating (2%) of the total actual sales.
The area that attracted the highest real estate sales in Dubai was Downtown Dubai, with with 2,008 transactions worth AED 7.368 billion, followed by Business Bay with 3,763 transactions worth AED 7.115 billion, while ‘Dubai Marina’ took third place with 3,300 transactions worth nearly AED 7 billion.
In terms of mortgages, ‘Palm Jumeirah’ topped the list with 731 transactions exceeding AED 12 billion in value, followed by ‘Business Bay’ with 769 transactions worth nearly AED 6 billion. ‘Dubai Marina’ ranked in third place with 1,127 transactions worth over AED 3.7 billion.
Bin Mejren added: “Such results would not have been possible without our firm commitment to the vision of our wise leadership, and our keenness to achieve the highest levels of excellence in our innovative services that will reassure all segments of investors, allowing Dubai to remain an attractive investment environment for investors seeking a safe return on investment.
"That is clearly seen through the base of investors of more than 200 nationalities from all continents of the world.”
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.