Dubai, United Arab Emirates, 13thOctober 2018:In the latest report issued by Dubai Land Department (DLD), Dubai’s real estate market witnessed a continuous growth driven by optimism among investors and developers, where the market recorded 39,802 real estate transactions worth AED 162 billion from the beginning of the year till the end of September.
Commenting on these promising figures, HE Sultan Butti bin Mejren, Director General of DLD, stressed that these results were achieved thanks to the wise policies adopted by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the recent incentives consolidate the Emirate's position as a preferred investment destination.
Bin Mejren added: “The positive results of these decisions are evident in the prevalent confidence among the various relevant parties in the market. These positive repercussions will continue to resonate in the short and long terms by introducing new sales categories for either personal use or for investing.”
According to the report issued by DLD’s Department of Real Estates Studies & Research, in the first 9 months of 2018 recorded 25,473 sales transactions worth more than AED 56.6 billion, about 11,000 mortgage transactions worth over AED 86 billion, and 3,486 other transactions valued at AED 19.3 billion.
During the first nine months of the year, Dubai received 27,174 investments through 21,605 investors, totalling nearly AED 50 billion, reflecting the Emirate's sustained growth for years, consolidated by the huge diversity of investors from the UAE, the GCC, the Arab World, and the world at large.
In total, the investments came from 163 nationalities, of which 16 were Arab, 5 were from the GCC, and 142 were foreign. When looking at the list of top 10 investors by nationality, the Emiratis and Indians competed head to head to top the list, with the former recording 4,112 investments worth AED 9.4 billion, while the latter recorded 4,676 investments worth AED 8.6 billion.
The Saudis came third with 1,882 investments worth around AED 3 billion, followed by Pakistanis who recorded 1,851 investments worth AED 2.3 billion, and UK Nationals ranked fifth with 1,761 investments worth over AED 3.4 billion. The list of top 10 investors by nationality also included Dubai residents from China, Egypt, Jordan, Canada, and Russia respectively.
GCC nationals displayed a strong demand for investment in the first nine months of the year, and the report revealed that their transactions exceeded AED 13.7 billion through 6,681 transactions made by 4,904 investors. Emiratis topped the list of the highest GCC investors, followed by citizens of Saudi Arabia, Kuwait, Oman and Bahrain, respectively.
Demand from Arabs and foreigners
Referring to Arab investments in Dubai, the report revealed that Dubai’s real estate market welcomed investors from 16 Arab nationalities, where a total of 2,894 investors recorded 3,607 investments worth around AED 6 billion. Jordanians topped the list of highest Arab investors with 644 investments by 548 investors, worth over AED 1.2 billion, followed by Egyptians who recorded 719 transactions made by 623 investors, worth over AED 1 billion. Iraqis and Lebanese investors came third and fourth respectively.
142 foreign nationalities chose Dubai as a destination for their investments. 13,821 investors concluded 16,900 investments worth over AED 30.2 billion, reaffirming bin Mejren’s opinion when talking about the diversity of the investor basethat helped Dubai’s real estate market demonstrate its ability to compete with other destinations while enhancing investor confidence in the market.
The top four foreign nationalities who invested in Dubai are Indians, Britons, Pakistanis, and Chinese people. Indian investments were worth over AED 8.6 billion, significantly exceeding British investments who came second with investments worth over AED 3.4 billion. Pakistanis recorded AED 2.3 billion in investments, while the Chinese pumped AED 1.7 billion into Dubai’s real estate market. Out of the total investments, women recorded 7,758 investments totalling AED 13 billion.
Top 10 attractive areas:
In the list of top 10 areas in terms of the numbers and values of real estate transactions in the Dubai market during the first nine months of 2018, Business Bay topped the list with 2,644 transactions worth AED 5.312 billion. Although Dubai Marina came in second place with, the value of transactions exceeded those of Business Bay with a value of over AED 4 billion from 1,972 transactions. The remaining eight areas went to Al Barsha South Fourth, Al Merkadh, Al Warsan 1, Jebel Ali First, Burj Khalifa, Al Thanyah Fifth, Al Hebiah Fourth, and Al Yelayiss 2.
In terms of mortgages, Dubai Marina listed 736 transactions worth AED 2.238 billion, Al Thanyah Fifth came in second with 640 transactions totalling AED 1.356 billion, and Business Bay recorded 590 transactions exceeding AED 3.7 billion, topping the list in terms of value. The remaining seven areas went to Jebel Ali First, Al Barsha South Fourth, Burj Khalifa, Al Hebiah Third, Palm Jumeirah, Al Thanyah Fourth, and Al Thanyah Third.
Bin Mejren concluded: “As we approach the end of 2018, we expect the market to reveal additional investment advantages,especially in the presence of competition among investors, and the incentives announced by the Dubai Government to attract capital. This, along with the completion of some infrastructure projects that were announced in the past few years in support Dubai's preparations for Expo 2020, helps Dubai’s real estate horizon to broaden, increasing demand for residential units, commercial spaces, and lands.”
About Dubai Land Department:
Dubai Land Department (DLD) was founded in January 1960 to establish the most prominent real estate sector in the Middle East and the world. It provides outstanding and integrated services to all its customers while developing the necessary legislation to propel the real estate sector in Dubai through the regulation of the sector, organising and promoting real estate investments, and spreading industry knowledge in search of regional and worldwide real estate innovation.
DLD seeks regional and worldwide innovation in real estate with the aid of its active sectors that include real estate registration services, real estate investment promotions, and corporate support, and with the aid of its active organisations that include the Real Estate Regulatory Agency, the Dubai Real Estate Institute, and the Rental Dispute Centre.
Unified Toll Free Number:
In order for Dubai Land Department to provide the best possible service in a rapid manner and to ensure the comfort and happiness of our customers, it has activated a new toll-free call centre number . This can be used for all Dubai Land Department and Rental Disputes Centre enquiries.