No summer surprises as Dubai property transactions dip 16%
Real estate transactions in Dubai for the first half of 2018 reached AED111 billion, a drop of 16% when compared to the same period last year, according to the latest statistics by Dubai Land Department (DLD).
According to a report issued by DLD’s Department of Real Estates Studies and Research, H1 2018 recorded a total of 27,642 transactions, 18,191 sales worth about AED40 billion, 7,668 mortgage transactions worth over AED57.6 billion, and 1,783 other transactions valued at AED13.4 billion.
“Granting investors a UAE residency visa for up to ten 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,” Sultan Butti bin Mejren, Director-General of DLD, says.
However, a report issued by DLD in July last year noted that total real estate transactions H1 2017 reached a value of AED132 billion.
During H1 2018, the Dubai real estate market recorded 19,371 investments through 15,659 investors, totalling AED37 billion.
UAE nationals topped the list with 2,986 investments worth AED6.8 billion, while Indian nationals ranked second with investments that amounted to AED5.9 billion through 3,218 investments followed by Saudi Arabians whose investments were worth almost AED3.7 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.
“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.