DUBAI 11 January 2018: The Dubai Land Department (DLD), recently revealed the annual results of the Dubai real estate market for 2017, with the total real estate transactions exceeding Dh285 billion via 69,000 real estate transactions.
“The figures disclosed in the report for total transactions including sales, mortgages and others, confirm the current strength of the Dubai real estate market, in particular when compared against the past two years 2015 and 2016,” said Sultan Butti bin Mejren, Director-General of DLD, said Wam.
The report states that the real estate transactions for 2017 have increased by 6 per cent in terms of number, and 4 per cent in value when compared to Dh275.8 billion for 2015, and increased by 14 per cent in number, and 6 per cent in value compared to Dh268.7 billion for 2016.
The results from 2017, including sales of land, buildings and units in the Dubai real estate market totaled Dh114 billion through 49,000 transactions, while mortgages for the same three categories reached Dh138.5 billion through 15,700 transactions. There were approximately 4,000 other transactions valued at approximately Dh33.3 billion, where the total turnover for the year 2017 was Dh285.562 billion from 69,000 transactions For 2017, Dubai’s real estate market has attracted investors from around the world, including Gulf nationals, Arabs and foreigners, with a total of 39,480 investors making nearly 53,000 transactions worth more than Dh107 billion.
Gulf Buyers
According to the report, over 9,790 Gulf nationals made 14,381 transactions worth more than Dh37 billion. The Dubai real estate market attracted nearly 7,000 Arab investors who closed 8,644 real estate transactions worth over Dh14 billion. There was also a high level activity among foreign investors, with nearly 23,000 investors making approximately 30,000 transactions worth approximately Dh56 billion throughout 2017.
The contribution of women to real estate investment is growing, almost 11,773 women entered the market and made a total of 14,316 transactions worth over Dh27 billion.
The UAE investor continued to lead the list of nationalities investing in the Dubai real estate market, where the value of their investments amounted to Dh25.307 billion. The second place was for Indian investors who invested Dh15.6 billion. The Saudis came in third place with investments exceeding Dh7 billion, followed by British and Pakistanis whose investments amounted to Dh6 and Dh5 billion, respectively.
Other active investors include Chinese, Jordanians, Egyptians and Canadians.
Brokers Rich
Brokers had benefited from an increase in demand for Dubai’s properties and built up Dh1.77 billion for their role in completing sales of land, buildings and residential units. Their share included Dh840 million from land sales, which came close to Dh42 billion. They also earned Dh133 million from sales of buildings, which exceeded Dh6.6 billion, and with commissions amounting to Dh794 million from sales of units worth Dh40 billion. The value of broker commissions is calculated by calculating – two percent – of the total actual sales.
The number of real estate permits during the same period was 12,407, and the number of real estate offices reached 2,256. According to DLD statistics, the number of registered real estate brokers reached 6,195.