Dubai property demand rising on back of Expo 2020 – Land Department

Demand for real estate in Dubai is growing even as the emirate prepares to host Expo 2020, the Dubai Land Department (DLD) has said in its latest report.

In the first nine months of this year, a total of 52,170 transactions were recorded with a total value of Dhs204bn.

According to the report, there were a total of 37,633 transactions for land, residential units and buildings, generating over Dhs88bn.

There were also 11,699 mortgage transactions worth Dhs102bn and 2,838 other transactions worth Dhs14bn.

Sultan Butti bin Mejren, director general of DLD said that the report contained “many encouraging and promising signs for those interested in Dubai’s real estate sector”.

“The data clearly shows an increasing demand across all property categories, including land plots for various forms of real estate development, as well as buildings and residential units, which means that we are attracting a wide variety of investors.”

The land category attracted Dhs143.40bn worth of investment from 11,169 transactions across sales, mortgages and other transaction categories, while building sales generated 5,014 transactions with a total value of Dhs12.72bn. A total of 36,000 transactions for residential units of all types attracted Dhs48.77bn.

Bin Mejren added: “We expect the market to remain on this upward trajectory of sustained growth, and to see demand continuing to diversify across various real estate categories.

“The momentum of the market is being driven and sustained by several factors but particularly the upcoming launch of Expo 2020 Dubai.”

The report also revealed the top 10 real estate sales areas in Dubai.

Burj Khalifa ranked first in terms of value with 1,650 transactions worth Dhs6.239bn.

Business Bay followed in second place with 2,754 transactions worth Dhs5,570bn, while Dubai Marina took third place with 2,596 transactions totalling Dhs5.357bn.

Hadaeq Sheikh Mohammed bin Rashid came in fourth place with 1,495 transactions worth Dhs4,470bn, while Al Barsha South Fourth came fifth with 2,418 transactions exceeding Dhs3bn.

The other five places went to Al Thanyah 5, Al Yufrah 2, Jebel Ali First, Madinat Al Mataar and Al Yelayiss 2 respectively.

In terms of mortgages, Palm Jumeirah topped the list with 578 transactions worth Dhs11.38bn, followed by Business Bay with 596 transactions worth Dhs4.63bn, Dubai Marina with 777 transactions worth over Dhs3bn, Burj Khalifa with 434 transactions worth nearly Dhs2bn and Al Thanyah 5 with 796 transactions worth Dhs1.77bn.

The other five spots were taken by Al Thanyah 4, Al Barsha South Fourth, Jebel Ali First, Al Yelayiss 1 and Al Thanyah 3 respectively.