The Year Isn’t Over Yet and Dubai Already Recorded AED162 Billion in Real Estate Deals!
In the first nine months of 2018, Dubai recorded real estate transactions that are worth AED162 billion ($44 billion)! The government’s Dubai Land Department (DLD) stated that the bulk of the deals are with GCC and Indian investors. The DLD’s Department of Real Estates Studies & Research recorded 39,802 transactions in the nine months to the end of September, of which AED56.6 billion worth were real estate sales, AED86 billion were mortgage transactions and AED19.3 billion were ‘other’ transactions the DLD did not detail.
Dubai received 27,174 investments through 21,605 investors of 163 nationalities, where Emiratis and Indians topped the list! Saudi nationals were third in the list of investors by total deal value, accounting for 1,882 investments, followed by Pakistanis with 1,851 deals, and UK nationals with 1,761 investments! The top 10 list also included investors from China, Egypt, Jordan, Canada, and Russia.
“The diversification of the investor base reflects market attractiveness and represents a guaranteed sustainable growth.” Said Sultan Butti Bin Mejren, Director General of DLD. With the completion of some infrastructure projects to support preparations for Expo 2020, the demand for residential units in Dubai is guaranteed to increase!