Dubai Q1 Real Estate Transactions Total Dhs64bn, Indians Top Foreign Investors

Indian nationals accounted for Dhs3.040 billion of the total.



Dubai Land Department (DLD) has announced that the total value of real estate transactions in Q1 2015 exceeded Dhs64 billion, with 11,063 transactions.

In a report by the Real Estate Research and Studies Department, the organisation said the sum of real estate investment transactions exceeded Dhs24 billion in the quarter, through 8,650 investors, this was an increase of Dhs3 billion.

More than Dhs37 billion came from mortgages, accounting for 3,000 transactions, while remaining operations accounted for Dhs2 billion or 546 transactions.

“The figures in this report are showing a well-established trust in our real estate market, as well as full preparations and readiness with for quantum leaps in the next few years to receive the Expo 2020,” HE Sultan Butti Bin Mejren, director general of Dubai Land Department, said.

Sales and mortgages relating to land transactions during the period totalled Dhs52 billion, with 3,919 transactions. The lions share of this was commercial land already built on, at 57 per cent of the total or, Dhs30 billion.

Other land was devoted to industrial projects, exhibitions, hotels and residences and other uses, DLD said.

By the type of property, buildings and units transactions totalled Dhs11 billion, with 7,823 transactions.

Housing units accounted for the majority of this total at Dhs8.4 billion, or 74.6 per cent of transactions, with the remaining Dhs2.2 billion and Dhs1 billion for business units and buildings respectively.

DLD said the Al Yafra 2 area was the most attractive for transactions in terms of land value sales, totalling Dhs1.467 billion, through 614 transactions.

This was followed by Al Hebya Al Thaletha, with Dhs995 million from 307 transactions. Al Warsan took third place with Dhs357 million from 161 transactions.

For mortgages of land, Al Barsha South 1 was top with Dhs291 million from 289 transactions, followed by Al Thunaya 4 and Al Thunaya 5.

In terms of unit sales, Business Bay came first, with Dhs1.848 billion from 1,202 transactions, followed by Dubai Marina with Dhs1.181 billion from 525 sales transactions.

For buildings, Al Thunaya 4 was most popular, with 69 transactions totalling Dhs172 million, followed by Al Barsha South 4 at Dhs96 million for 39 transactions.

Citizens from the GCC contributed investments totalling Dhs9 billion from 1,964 investors during the quarter, with Emirati investment accounting for Dhs5.799 billion of the total and 980 investors, DLD said.

This was followed by Saudi Arabia with Dhs1.890 billion from 604 investors and Qatar with Dhs522 million, Kuwait with Dhs500 million, Bahrain with Dhs199 million and Oman with Dhs147 million.

Arab investors from 15 nationalities made up Dhs3 billion of total investment, with 1,220 investors. Jordanians accounted for Dhs708 million from 204 investors, Lebanese with Dhs505 million from 172 investors and Egyptians with Dhs390 million from 184 investors.

Iraqi nationals invested Dhs379 million from 153 investors, followed by Yemen, Sudan, Palestine and Algeria,” DLD said without giving numbers.

Non Arab investments totalled more than Dhs12 billion, through 5,466 investors from 102 nationalities.

Indian nationals accounted for Dhs3.040 billion with 1,293 investors, Britons came second with Dhs1.892 billion from 699 investors, followed by Pakistanis with Dhs1.393 billion from 953 investors and Iranians and Russians with Dhs633 million and Dhs509 million respectively.