Dubai Land Department (DLD) reported a total of AED 58 Billion through 13,759 transactions in Q1 of 2018. Supporting the announcement is His Excellency Sultan Butti bin Mejren, Director General of DLD, commented: “The Dubai real estate market continues to show continuous growth, driven by general optimism and confidence in the real estate sector.”
“Achieving almost AED 58 billion of transactions shows strong momentum in the real estate sector for Q1, and we expect this to raise the Q2 transaction index and continue to rally before the end of the year. Analysts and experts predict an upsurge as we enter 2019 with unprecedented strength, as many strategic infrastructure projects are due to be completed in Dubai in preparation for Expo 2020.”
“These results have been achieved thanks to our commitment to our leadership’s vision of achieving the highest levels of excellence and developing innovative services that enhance cooperation among investors. Dubai remains an attractive destination for investors seeking a safe return on investment, which is evident from the emirate’s base of investors, who belong to more than 217 nationalities from all over the world.”
DLD’s Department of Real Estates Studies & Research stated in a report, the first three months of 2018 garnered a total of AED 19 billion through 9,092 sales transactions, over AED 30.6 Billion through 3,717 mortgage transactions, and AED 8.4 billion through 950 other transactions.
DLD has confirmed that GCC investors are the top real estate player in Q1 of 2018. GCC nationals created nearly AED 6 billion through 2,500 real estate transactions, while 1,067 investors from other Arab countries contributed more than AED 2 billion from 1,250 transactions. Furthermore, 5,041 foreign investors made more than 5,000 transactions worth around AED 10 billion in the first quarter of 2018.
Top 10 Nationalities Investing In Dubai Real Estate
1,264 UAE investors lead all other nationalities including Gulf, Arab, and foreign countries with a total of 1,587 transactions worth AED 4 billion. Indian nationals (1,387 investors) are second with AED 3 billion worth of investments through 1,550 transactions. In third place, Saudi nationals made nearly AED 1.3 billion worth of transactions, followed by Pakistan, UK, Chinese, Egyptian, Russian, Jordanian, and Canadian nationalities ranked consecutively.
High Demand Areas in Dubai
In Q1 of 2018, Business Bay lead the way in terms of sale with nearly AED 2 billion through 973 transactions, followed by Dubai Marina with 720 transactions worth AED 1.371 billion. Next is Al Barsha South 4 with a total of AED 1.140 billion through 681 transactions. The other seven places are Al Merkadh, Jebel Ali First, Al Hebiah Fourth, Al Warsan 1, Al Thunaya 5, Al Yelayiss 2, and the Palm Jumeirah.
In Q1 of 2018, Business Bay lead the way in terms of mortgages with more than AED 1.8 billion, followed by Al Thunaya 5 with more than AED 613 million through 195 transactions, and Dubai Marina with 192 transactions worth AED 289 million. The following seven places went to Jebel Ali Al First, Nad Al Sheba 1, Al Barsha South 4, Al Thunaya 3, Burj Khalifa, Palm Jumeirah, Al Thunaya 4 respectively.
Real Estate Brokers and Permits
The first three months of 2018 provided a prosperous outcome for Dubai real estate brokers. An increase in demand for properties with nearly AED 240 million of sales in plots, building, and residential units was recorded. The number of real estate permits issued reached 1,773 permits, while real estate offices reached 2,165. Moreover, Dubai is currently home to 6,177 real estate brokers as per DLD’s statistics.
In Q1 of 2018, 2,431 women investors from different nationalities made more than AED 4.4 billion through 2,780 investments, a record high investment from women.