Dubai real estate deals hit AED132bn

Dubai / Emirates Business

Dubai Land Department (DLD) has released its H1 2017 Transactions Report up until June 30, through the Real Estate Research and Studies Department, announcing that total real estate transactions for this period reached a value of AED 132 billion, achieved through 35,571 sales, mortgages and other transactions.
The report reveals that the market has achieved a high percentage of growth compared to the same period last year, with total value increasing by 16.8% from a total of 7,320 transactions – an increase of 25.91% compared to transactions for the first six months of 2016.
The report also confirms that the Dubai real estate market generated a total of 25,864 sales transactions worth over AED 63 billion and 7,893 mortgage transactions worth AED 60 billion, while 1,814 other types of transaction brought
in AED 9 billion.
Providing an analysis of the value generated by different types of property, the report shows that the land category represented AED 91 billion from approximately 8,000 transactions, while building sales accomplished 3,887 transactions with a total value of AED 10 billion and unit sales crossed the AED 31 billion mark from 24 transactions.
Commenting on the results, His Excellency Sultan Butti bin Mejren – Director General of DLD – said: “Our report for the first half of this year bears promising results for professionals in the real estate sector, as despite global economic pressures, Dubai has once again reaffirmed its leadership of regional markets and driven renewed growth in the region.”
Bin Mejren confirmed that the 26% increase in transactions and the 17% increase in value is an unrivalled success for the sector.
The report provides further details about the total number of investments made in Dubai’s real estate market during the first half of 2017. 27,381 transactions were completed by 21,574 investors, generating a total investment value of AED 58 billion. The report also highlighted that 6,253 female investors completed 7,341 tran- sactions worth AED 15 billion.
Emirati investors ranked first for both number and value of transactions, completing 4,510 transactions worth AED 15 billion, followed by Saudi nationals in second place with a total of 1,936 transactions worth AED 4 billion. The total value generated by GCC investors increased by 16% compared to the same period last year, with 7,665 transactions worth AED 21.7 billion.
When looking at Arab investors, Egyptians and Jordanians took first and second places respectively. Total value of Arab investments hit AED 8 billion, representing a 25.5% increase compared to the same period last year, generated by 4,654 Arab investors, a 40% increase compared to the same period.
Among foreign investors, Indian, Pakistani, British, Chinese and Canadian nationals took the first five places, with 15,062 investors generating a total value of AED 28.6 billion. These figures represent a
35% increase in investor numbers and a 34% increase
in value compared to the first six months of 2016.