Dubai Land Department chief says data shows 'increasing demand' across real estate sectord
Dubai Land Department (DLD) on Monday announced that the total value of real estate transactions for the first nine months of 2017 reached AED204 billion ($55.5 billion), achieved through 52,170 deals.
It said there were a total of 37,633 transactions for land, residential units and buildings, generating a value of over AED88 billion.
There were also 11,699 mortgage transactions worth AED102 billion and 2,838 other transactions worth AED14 billion.
Sultan Butti bin Mejren, director general of Dubai Land Department, 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 did not give a year-on-year comparison.
Bin Mejren added: “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 latest DLD report shows 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.
The report also revealed the top ten real estate sales areas in Dubai, with Burj Khalifa taking first place in terms of value with 1,650 transactions worth AED6.239 billion.
Business Bay followed in second place with 2,754 transactions worth AED5.570 billion, while Dubai Marina was ranked third place with 2,596 transactions totalling AED5.357 billion in value.
In terms of mortgages, Palm Jumeirah topped the list with 578 transactions exceeding AED11.38 billion in value, followed by Business Bay and Dubai Marina.