Total real estate transactions exceeded AED 285 billion in 2017 through 69,000 transactions
The report states that the real estate transactions for 2017 have increased by 6% in terms of number, and 4% in value when compared to AED 275.8 billion for 2015, and increased by 14% in number, and 6% in value compared to AED 268.7 billion for 2016.
Bin Mejren added: “Looking at the details of the results from 2017, the sales of land, buildings and units in the Dubai real estate market totalled AED 114 billion through 49,000 transactions, while mortgages for the same three categories reached AED 138.5 billion through 15,700 transactions. There were approximately 4,000 other transactions valued at approximately AED 33.3 billion, where the total turnover for the year 2017 was AED 285.562 billion from 69,000 transactions.”
For 2017, Dubai’s real estate market also has attracted investors from around the world, including Gulf nationals, Arabs and foreigners, with a total of 39,480 investors making nearly 53,000 transactions worth more than AED 107 billion.
The UAE investor continued to lead the list of nationalities investing in the Dubai real estate market, where the value of their investments amounted to AED 25.307 billion. Indian investors followed with AED 15.6 billion and Saudis came third with investments exceeding AED 7 billion, followed by British and Pakistanis whose investments amounted to AED 6 and 5 billion, respectively.
Other active investors include Chinese, Jordanians, Egyptians and Canadians.
The report also reveals the top ten real estate sales areas in Dubai, with ‘Burj Khalifa’ taking first place in terms of value with 2,008 transactions worth AED 7.368 billion. ‘Business Bay’ followed in second place with 3,763 transactions worth AED 7.115 billion, while ‘Dubai Marina’ took third place with 3,300 transactions worth nearly AED 7 billion.