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With AED 259 bn in real estate transactions in 2016, Dubai market set to gain further momentum in 2017
(14 January 2017)

 

Total amount of real estate transactions recorded in the Emirate last year exceeded AED259 billion, revealed Dubai Land Department’s (DLD) annual report. 

Commenting on DLD’s annual report, Sultan Butti bin Merjen, Director-General of DLD, said the findings in the report confirm that the real estate market in Dubai has reached a new phase of maturity and stability, and that it is moving towards sustainable growth. 

Bin Mejren predicts that the real estate market in Dubai will gain further momentum in 2017, signaling an upward trend for sustained growth in the run-up to Expo 2020. The news was shared in his comment on the annual report, which was issued by Real Estate Research and Studies Department at DLD. 

The DLD annual report which includes a detailed insight into Dubai’s real estate scene, the infrastructure of mega-projects, and preparations for Expo 2020 also reveals that the real estate market is expected to benefit from a new wave of activity and growth this year. 

Developers have risen to meet the challenge of this new growth phase, with the launch of new projects valued at over AED100 bn, as well as the completion of mega-projects and the development of new services to meet growing demands from a variety of real estate sectors. 

DLD’s annual report also reveals that the Emirate recorded a total of 60,595 real estate transactions in 2016, exceeding AED259 bn in value. Over 41,776 sales transactions took place, representing a total value of AED103 bn, while the 15,000 mortgage transactions were equivalent to a value of AED128 bn. 

In 2016, land sales and mortgage transactions represented a total value of AED193 bn across 15,994 transactions. This breaks down to mortgages bringing in over AED114 bn via 5,145 transactions, while sales secured over AED55 bn from 9,892 transactions. In terms of value, commercial land (already built on) claimed the lion’s share, representing 30 percent of the total value secured by transactions in 2016. 

Segmenting sales and mortgage transactions by buildings and units, DLD’s report finds that over 44,602 transactions took place, representing a total value of AED66 bn. Building sales recorded 2,626 transactions worth AED 7 billion, while units performed 29,258 transactions worth AED51 bn. In addition, the report records 1,391 building mortgage transactions worth AED3.4 bn, and 8,000 unit mortgage transactions valued at AED10.5 bn. 

Dubai’s real estate sector continued to attract a wealth of investors in 2016; DLD reports that the sum of real estate investment transactions for the year exceeded AED91 bn from 55,928 investors. As has been the case in previous years, the leading investors were UAE nationals from across the GCC, Arabs, and foreigners, for their investment of nearly AED22 bn from over 7,000 investors. 

In 2016, citizens of the Gulf Cooperation Council (GCC) states contributed AED35 bn from 12,768 investors of six nationalities, while 3,294 Saudi Arabian investors made transactions worth AED8 bn. 

Investors from Qatar and Kuwait approached AED2 bn mark, from 1,006 and 770 investors respectively, followed by nationals from Oman (301 investors) and Bahrain (244 investors), who contributed up to AED1 bn. 

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