Dubai records $15.7bn real estate deals in Q1 2018

Dubai records $15.7bn real estate deals in Q1 2018
Dubai's Business Bay ranked as a the top area for the number of real estate transactions.
Published: 15 April 2018 - 4:14 a.m.
By: Oscar Rousseau

Dubai recorded $15.7bn (AED58bn) worth of real estate sales in the first quarter of 2018, according to the Dubai Land Department (DLD).

DLD said 13,759 real estate sales, mortgage transactions, and other deals took place in Q1 2018.

There were 9,092 sales transactions worth $5.7bn (AED19bn) recorded in Q1. Mortgage transactions were second in volume, with 3,717 transactions worth $8.3bn (AED30.6bn).

A total of 950 other transactions, worth $2.2bn (AED8.4bn), were also registered.

These transactions demonstrated Dubai’s housing market remained healthy, DLD said.

Director general of DLD, HE Sultan Butti bin Mejren, added: “Achieving almost $15.7bn of transactions shows strong momentum in the real estate sector for Q1, and we expect this to raise the Q2 transaction index and continue to rally before the end of the year.

“Analysts and experts predict an upsurge as we enter 2019 with unprecedented strength, as many strategic infrastructure projects are due to be completed in Dubai in preparation for Expo 2020.”

Bin Mejren said the 217 different nationalities that have invested in Dubai’s housing market show that the emirate remains “an attractive destination for investors seeking a safe return on investment”.

UAE nationalities were responsible for more Dubai property transactions than any other. Indian nationals recorded the second-highest number of real estate transactions in Dubai, with 1,387 registered by DLD.

Saudi Arabia came third, Pakistan and UK came forth and firth respectively, while China, Egypt, Russia, Jordan, and Canada also rank correspond from sixth to tenth sequentially.

Business Bay topped the list, with 973 transactions worth approximately $544m (AED2bn) recorded in Q1. Dubai Marina ranked second, with 720 transactions worth $353m (AED1.3bn.)

The number of female investors in Dubai’s property market in the first quarter of 2018 was also “exceptionally high” according to DLD, which added that women were responsible for 2,780 transactions worth $1.1bn (AED4.4bn).

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