Dubai Land Department (DLD) has revealed that real estate transactions in Dubai for the first three months of 2018 (Q1 2018) totalled AED 58 billion through 13,759 transactions.
According to the report issued by DLD’s Department of Real Estates Studies & Research, Q1 2018 saw a total of 9,092 sales transaction worth about AED 19 billion, 3,717 mortgage transactions worth over AED 30.6 billion, and 950 other transactions valued at AED 8,408 billion.
“Achieving almost AED 58 billion 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,” said HE Sultan Butti bin Mejren, Director General of DLD.
Bin Mejren added that Dubai remains an attractive destination for investors seeking a safe return on investment, which is evident from the emirate’s base of investors, who belong to more than 217 nationalities from all over the world.
Assessing the top players in Dubai’s real estate market, DLD has confirmed that GCC investors led the way, making nearly 2,500 transactions worth around AED 6 billion, while 1,067 investors from other Arab countries concluded 1,250 transactions worth more than AED 2 billion. Q1 also saw 5,041 investors foreign making more than 5,000 transactions with a total value exceeding AED 10 billion.
UAE nationals outnumbered all other nationalities including Gulf, Arab and foreign countries, totalling AED 4 billion through 1,587 transactions made by 1,264 investors. They were followed directly by the 1,387 Indian nationals who invested AED 3 billion through 1,550 transactions. Saudis came in third place with investments of nearly AED 1.3 billion, Pakistan and the UK followed on fourth in fifth place, and Chinese, Egyptian, Russian, Jordanian and Canadian nationalities ranked from the 6th to 10th respectively.
During Q1, the level of investment from women was also exceptionally high, with 2,431 women making 2,780 investments exceeding AED 4.4 billion in value.
Brokers benefited from an increase in demand for Dubai properties and made up to AED 240 million in land, building and residential unit sales. The number of real estate permits issued reached 1,773 during the same period, while the number of real estate offices reached 2,165. According to DLD’s statistics, Dubai is now home to a total of 6,177 real estate brokers.