Dubai real estate sales reached USD55.5 billion in total

24.10.2017

According to the Dubai Land Department (DLD), total value of property units sold in Dubai during the first nine months of 2017 amounted to AED204 billion ($ 55.5 billion). This data was collected from 52,170 real estate transactions.

The total value of all real estate transactions conducted in Dubai during the first nine months of the current year is comparable to the overall transactions value recorded for the whole previous year, when the value of all residential and commercial real estate units sold in the emirate amounted to AED259 billion.

Sales increased sharply in the second half of the current year. Given the exponential growth in sales of housing under construction (off-plan) compared to the finished one, it is very likely that this year’s total transactions value will exceed last year's figure.

"Transactions have increased this year compared to 2016 mostly due to the success of off-plan transactions. This trend will continue into next year”, experts say.

The emirate’s real estate market development is stimulated and supported by several factors, they add, but Expo 2020 is undoubtedly the most crucial among them.

Land sales accounted for the lion's share of all transactions in monetary terms: 11,169 transactions brought AED14.4 billion to the landlords. Entire buildings were also in demand: 5,014 large investors have concluded entire buildings sales transactions worth AED12.7 billion. Another 36,000 transactions were recorded in the residential real estate sector, with the total value of housing sold amounting to AED48.7 billion.

11,699 transactions that were financed through mortgages, valued at AED102 billion.

Among all Dubai areas, Business Bay and Dubai Marina still command the most popular among investors as well as end buyers, accounting for 2,754 and 2,596 real estate transactions worth AED5.6 billion and AED5.4 billion, respectively. Al Barsha South also attracted investors' attention with its 2,418 transactions.

However, the central area of ​​Burj Khalifa topped the rating in terms of transactions overall value with 1,650 transactions having brought AED6.2 billion to their sellers during the specified time period.

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