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Dubai real estate deals up 16% to Dh132 billion in H1

dubai - Land sales accounted for Dh91 billion from approximately 8,000 transactions

Real estate transactions worth Dh132 billion were achieved in Dubai in the first half of 2017, the Dubai Land Department (DLD) announced on Sunday. This comprised 35,571 sales, mortgages and other transactions.

This compares to transactions worth Dh113 billion in the first six months of 2016 through 28,251 sales, mortgages and other transactions. This also compares to the Dh129 billion registered in H1 2015 and Dh113 billion recorded in H1 2014.

The total value of transactions in H1 2017 increased by 16.8 per cent from a total of 7,320 transactions - an increase of 25.91 per cent compared to transactions for the first six months of 2016.

The total value of new mortgages taken out during the first half increased to Dh60 billion from Dh48.3 billion a year earlier.

The value of sales transacted without a mortgage also increased to over Dh63 billion from Dh48.7 billion. Other types of transaction brought in Dh9 billion.

Land sales accounted for Dh91 billion from approximately 8,000 transactions, while building sales accomplished 3,887 transactions worth Dh10 billion and unit sales crossed the Dh31 billion mark from 24 transactions.

Sultan Butti bin Mejren, director-general of DLD, said: "Despite global economic pressures, Dubai has reaffirmed its leadership of regional markets and driven renewed growth in the region."

A total of 27,381 transactions were completed by 21,574 investors, generating Dh58 billion. The report also highlighted that 6,253 female investors completed 7,341 transactions worth Dh15 billion.

Emirati investors ranked first for both number and value of transactions, completing 4,510 transactions worth Dh15 billion, followed by Saudi nationals in second place with 1,936 transactions worth Dh4 billion. The total value generated by GCC investors increased by 16 per cent compared to the same period last year, with 7,665 transactions worth Dh21.7 billion.

When looking at Arab investors, Egyptians and Jordanians took first and second places respectively. The total value of Arab investments reached Dh8 billion, representing a 25.5 per cent increase compared to the same period last year, generated by 4,654 Arab investors, a 40 per cent increase compared to the same period.

Among foreign investors, Indian, Pakistani, British, Chinese and Canadian nationals took the first five places, with 15,062 investors generating a total value of Dh28.6 billion. These figures represent a 35 per cent increase in investor numbers and a 34 per cent increase in value compared to the first six months of 2016.

Dubai Marina accounted for 2,529 transactions, followed by Business Bay with 2,146 transactions, Al Barsha South 4 with 2,001 transactions, Jebel Ali 1 with 1,931 transactions, and in fifth place Al Thaniya 5 with 1,501 transactions.

In terms of value, the Palm Jumeirah topped the chart with transactions worth Dh9.5 billion, followed by Dh6.5 billion for Business Bay, Dh5.8 billion for both Burj Khalifa and Dubai Marina, and Dh5.6 billion for Al Wasl area.

- business@khaleejtimes.com