Dubai saw a 16.8 per cent increase in the total value of real estate transactions conducted in the emirate in the first half of 2017 compared to the same period last year, according to Dubai Land Department (DLD)
The figures for the first six months of 2017 will be seen as a sign of market recovery for property owners and developers, which have endured more than a year of stagnant or declining rental and sales rates.
The value of transactions for the first half totalled Dhs132bn ($35.9bn) compared to Dhs113bn ($30.7bn) in the first half of 2016. This was also 2.3 per cent more than the Dhs129bn ($35.1bn) recorded in H1 of 2015.
There were also 25.91 per cent more sales, mortgage and other transactions in the period to June 30 from 28,251 last year to 35,571 this year.
This included 25,864 sales transactions worth over Dhs63bn, 7,893 mortgage transactions worth Dhs60bn and 1,814 other transactions worth Dhs9bn.
By category, Dhs91bn and around 8,000 transactions were for land, building sales totalled Dhs10bn across 3,887 transactions and unit sales crossed Dhs31bn and 24 transactions.
“Our report for the first half of this year bears promising results for professionals in the real estate sector, as despite global economic pressures, Dubai has once again reaffirmed its leadership of regional markets and driven renewed growth in the region,” said HE Sultan Butti bin Mejren, director general of DLD.
Investment by nationality
Emiratis were the top investors completing 4,510 transactions worth Dhs15bn. They were followed by Saudi nationals with 1,936 transactions worth Dhs5bn as the total value generated by GCC investors increased 16 per cent to 7,665 transactions worth Dhs21.7bn.
Egyptians and Jordanians were the top Arab investors outside of the GCC, with the value of investments by this group increasing 25.5 per cent to Dhs8bn and the volume by 40 per cent to 4,654.
Indian, Pakistani, British, Chinese and Canadian nationals were the top foreign investors with a 35 per cent increase in volume to 15,062 and 34 per cent increase in value to Dhs28.6bn.
Top investment areas by volume
Dubai Marina – 2592 transactions
Business Bay – 2,146 transactions
Al Barsha South 4 – 2,001 transactions
Jebel Ali 1 – 1,931 transactions
Al Thaniya 5 – 1,501 transactions
Top investment areas by value
Palm Jumeirah – Dhs9.5bn
Business Bay – Dhs6.5bn
Burj Khalifa – Dhs5.8bn
Dubai Marina – Dhs5.8bn
Al Wasl – Dhs5.6bn