Dh204 billion of real estate transactions in 9 months
DUBAI 24 October 2017: Which areas of Dubai are in high demand as per the Dubai Land Department (DLD)?
A DLD report reveals the top ten real estate areas in Dubai for buy-and-sell are:
- Burj Khalifa taking first place in terms of value with 1,650 transactions worth Dh6.239 billion
- Business Bay follows in second place with 2,754 transactions worth Dh5,570 billion
- Dubai Marina had 2,596 transactions totalling Dh5.357 billion in value
- Hadaeq Sheikh Mohammed bin Rashid came in fourth place with 1,495 transactions worth Dh4,470 billion
- Al Barsha South Fourth 5’ ranked fifth through 2,418 transactions exceeding Dh3 billion in value
- Al Thanyah 5
- Al Yufrah 2
- Jabal Ali First
- Madinat Al Mataar
- Al Yelayiss 2
In terms of mortgages, the top-10 Dubai locations are:
- Palm Jumeirah topped the list with 578 transactions exceeding Dh11.38 billion in value
- Business Bay with 596 transactions worth Dh4.63 billion
- Dubai Marina’ ranked in third place with 777 transactions worth over Dh3 billion
- Burj Khalifa’ came in fourth place with 434 transactions worth nearly Dh2 billion
- Al Thanyah 5 placed fifth with 796 transactions worth Dh1.77 billion
- Al Thanyah 4
- Al Barsha South Fourth
- Jebel Ali First
- Al Yelayiss 1
- Al Thanyah 3
DLD announced that the total value of real estate transactions for the first nine months of 2017 reached Dh204 billion, through 52,170 transactions.
According to the report, there were a total of 37,633 transactions for land, residential units and buildings, generating a value of over Dh88 billion. There were also 11,699 mortgage transactions worth Dh102 billion and 2,838 other transactions worth Dh14 billion.
Sultan Butti bin Mejren, Director General of Dubai Land Department, commented: “We are delighted to share our new report, which contains many encouraging and promising signs for those interested in Dubai’s real estate sector. 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.”
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 Dh143.40 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 Dh12.72 billion, while 36,000 transactions for residential units of all types crossed the Dh48.77 billion mark.