Dubai sees 'unprecedented' rush on property deals in final days of 2018

Dubai Land Department records $5.1bn real estate deals in the last 10 days of 2018
Dubai sees 'unprecedented' rush on property deals in final days of 2018
Sultan Butti bin Mejren, director general of DLD.
By Sam Bridge
Mon 31 Dec 2018 02:50 PM

Dubai Land Department (DLD) has recorded "unprecedented growth" in the last 10 days of 2018 with AED19 billion ($5.1 billion) worth of real estate deals.

Sultan Butti bin Mejren, director general of DLD, said the emirate witnessed more than 2,000 property transactions in the sam period.

Bin Mejren said the figures are "a positive indicator of a rising wave in the real estate sector which is expected to begin in the new year".

He added: “This activity affirms the attractiveness of Dubai’s real estate sector, specifically the demand from buyers and investors who are benefitting from legislation and investment incentives recently announced by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai the preferred investment destination.

"These recorded transactions within a short time reflect renewed confidence in our real estate market, especially in light of Expo 2020 preparations.”

A total of 2,081 sales, mortgage, and other transactions were concluded from December 17-30, peaking on December 24 with transactions worth about AED3.6 billion.

In terms of the total sum of all land, building, and unit transactions, Al Warsan First came in first place with 200 transactions worth AED111 million, followed by Business Bay with 115 transactions worth AED149 million.

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

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.