Dubai Land Department has announced a 6 per cent increase in the value of real estate transactions conducted in 2017 compared to the previous year, despite a wider downturn in the market.
The department said Dhs285bn ($77.59bn) of real estate deals were carried out last year across 69,000 transactions.
This compared to Dhs268.7bn ($73.1bn) of transactions in 2016 and was also up 4 per cent on 2015 when the total value of deals was Dhs275.8bn ($75bn).
By volume, 2017 saw 14 per cent and 6 per cent more deals than 2016 and 2015 respectively.
“The 2017 report sends reassuring messages of renewed cycles of growth in the coming years, especially when we take into account the modern-day infrastructure that exists in Dubai,” said DLD director general Sultan Butti bin Mejren.
The sale of land, buildings and units totalled Dhs114bn across 49,000 transactions, mortgages for the same categories reached Dhs138.5bn across 15,700 transactions and there was Dhs33.3bn of other deals across 4,000 transactions.
DLD said 9,790 Gulf nationals made 14,381 transactions worth more than Dhs37bn, 7,000 Arab investors made 8,664 transactions worth more than Dhs14bn and 23,000 foreign investors made 30,000 transactions worth Dhs56bn.
By nationality, UAE investors led the pack with Dhs25.307bn of deals, followed by Indian investors with Dhs15.6bn, Saudis with Dhs7bn, Britons with Dhs6bn and Pakistanis with Dhs5bn.
Other active investors included Chinese, Jordanian, Egyptian and Canadian citizens.
Of the total investors, 11,773 were women, who accounted for 14,316 transactions worth Dhs27bn.
Property brokers earned a total of Dhs1.77bn for their role in sales throughout the year.
Top real estate areas
1. Jebel Ali One
2,750 transactions worth Dhs2.48bn
2. Al Barsh South Four
3,138 transactions worth Dhs4bn.
3. Hadaeq Sheikh Mohammed bin Rashid
1,948 transactions worth Dhs5.67bn
4. Dubai Marina
3,300 transactions worth Dhs7bn
5. Business Bay
3,763 transactions worth Dhs7.11bn
6. Burj Khalifa
2,008 transactions worth Dhs7.36bn
7. Al Yufrah Two
1,827 transactions worth Dhs2.38bn
8. Al Yelayiss Two
1,883 transactions worth Dhs2.26bn
9. Madinat Al Mataar
2,365 transactions worth Dhs2.137bn
10. Al Warsan One
1,831 transactions worth Dhs1.87bn
There were single to double-digit declines in rents and sales prices across most areas of the Dubai property market last year due to reduced economic sentiment and new supply.
This article was originally published here on gulfbusiness.com
The article image was originally published here on shutterstock.com