Dubai Land Department chief says emirate continues to be a 'preferred investment destination'
Dubai Land Department (DLD) said on Saturday that it has recorded real estate deals worth AED162 billion ($44.1 billion) during the first nine months of 2018.
The figures represented a fall of more than AED40 billion (20 percent) compared to the same period last year (AED204 billion) although the total number of transactions rose by over 2,000 to 39,802.
According to the report issued by DLD’s Department of Real Estates Studies & Research, the first nine months of 2018 saw 25,473 sales transactions worth more than AED56.6 billion, about 11,000 mortgage transactions worth over AED86 billion, and 3,486 other transactions valued at AED19.3 billion.
In total, the investments came from 163 nationalities, of which 16 were Arab, five were from the GCC, and 142 were foreign.
The top 10 investors by nationality was topped by Emiratis and Indians, followed by Saudis, Pakistanis and Brits. Residents from China, Egypt, Jordan, Canada, and Russia rounded out the list.
Sultan Butti bin Mejren, director general of DLD, hailed the recent incentives such as long-term visas for helping to consolidate the emirate's position as a "preferred investment destination".
He said: “The positive results of these decisions are evident in the prevalent confidence among the various relevant parties in the market. These positive repercussions will continue to resonate in the short and long terms by introducing new sales categories for either personal use or for investing.”
In the list of top 10 areas for real estate transactions, Business Bay came out on top followed by Dubai Marina, Al Barsha South Fourth, Al Merkadh, Al Warsan 1, Jebel Ali First, Burj Khalifa, Al Thanyah Fifth, Al Hebiah Fourth, and Al Yelayiss 2.
Bin Mejren added: “As we approach the end of 2018, we expect the market to reveal additional investment advantages, especially in the presence of competition among investors, and the incentives announced by the Dubai Government to attract capital.
"This, along with the completion of some infrastructure projects that were announced in the past few years in support Dubai's preparations for Expo 2020, helps Dubai’s real estate horizon to broaden, increasing demand for residential units, commercial spaces, and lands.”