
DUBAI 8 July 2018: Dubai Land Department (DLD) has revealed that real estate transactions in Dubai for the first half of 2018 (H1 2018) reached Dh111 billion.
According to the report issued by DLD’s Department of Real Estates Studies & Research, H1 2018 recorded a total of 27,642 transactions, 18,191 sales worth about Dh40 billion, 7,668 mortgage transactions worth over Dh57.6 billion, and 1,783 other transactions valued at Dh13.4 billion.
Global Investments
Dubai real estate market recorded 19,371 investments through 15,659 investors, totalling Dh37 billion.
- UAE nationals topped the list with 2,986 investments worth Dh6.8 billion
- Indian nationals ranked second with investments that amounted to Dh5.9 billion through 3,218 investments
- Saudis investments were worth almost Dh3.7 billion through 1,415 investments.
The list of top 10 investors by nationality also included Dubai residents from Britain, Pakistan, China, Egypt, Jordan and France, respectively.
Total volume of GCC nationals’ investments in Dubai’s real estate exceeded Dh11.6 billion through 4,919 transactions made by 3700 investors, while 2,094 investors from 16 Arab countries concluded 2,561 transactions worth more than Dh4.115 billion.
H1 2018 also saw 9,935 foreign investments from 143 nationalities making more than 11,889 transactions with a total value exceeding Dh21 billion.
Female Investors
The value of properties registered by female investors reached Dh9 billion through 5,526 transactions.
Top 10 Areas
In the list of top 10 areas in terms of the numbers and values of real estate transactions in the Dubai market during H1 2018:
- Business Bay topped the list with 1,934 transactions worth almost Dh4.2 billion
- Dubai Marina was in second place with 1,445 transactions worth Dh2.9 billion
- Al Merkadh ranked third with 1,262 transactions valued Dh2.1 billion, followed by
- Al Barsha South Fourth
- Al Warsan 1
- Jebel Ali First
- Al Hebiah Fourth
- Al Thanayah 5
- Burj Khalifa and
- Al Yelayiss 2
In terms of mortgages, Dubai Marina listed 498 transactions worth more than Dh1.7 billion, Jebel Ali First came in second with 454 transactions totalling Dh769 million, and Business Bay recorded 453 transactions exceeding Dh3 billion. The list also included Al Thanyah Fifth, Al Barsha South Fourth, Nad Al Shiba First, Wadi Al Safa 5, Palm Jumeirah, Burj Khalifa and the Thanyah Fourth.
Sultan Butti bin Mejren, Director General of Dubai Land Department, commented: “Granting investors a UAE residency visa for up to 10 years and reducing government fees included in previous initiatives will be of the most important incentives for economic growth in the emirate, as they will have a positive impact on reducing business costs and will support Dubai’s position as one of the best investment destinations in the world. ”
Penalty Waiver
“We were also quick to adapt and align ourselves with these decisions: The 4% penalty that property owners were incurred for failing to register their developments within 60 days has been waived. This underpins the government’s efforts to provide the best possible services to investors and developers alike.
“If we were to identify the reason behind the strengthening real estate market, it would be the level of maturity it has reached to maintain its sustainable growth. Expo 2020 is close at hand, and developers in the market are expressing interest in aligning with the directives of the wise leadership to turn Dubai into a global pioneer and an attractive investment hub in support of Dubai Strategic Plan 2021,” Bin Mejren concluded.