Upbeat news for Dubai with a total of AED162 billion (US $44 billion) worth of real estate transactions signed in the first nine months of 2018, with GCC and Indian investors accounting for the bulk of the deals, according to the Dubai Land Department (DLD).
“As we approach the end of 2018, we expect the market to reveal additional investment advantages, especially in the presence of competition among investors, and the incentives announced by the Dubai Government to attract capital,” said Sultan Butti Bin Mejren, director general of DLD.
“This, along with the completion of some infrastructure projects to support preparations for Expo 2020, helps Dubai’s real estate horizon to broaden, increasing demand for residential units, commercial spaces and land.”
DLD’s Department of Real Estates Studies & Research recorded 39,802 transactions in the nine months to the end of September, of which AED56.6 billion worth were real estate sales, AED86 billion were mortgage transactions and AED19.3 billion were ‘other’ transactions the DLD did not detail.
Dubai received 27,174 investments through 21,605 investors of 163 nationalities, the department said. Emiratis and Indians topped the list, with the former recording 4,112 investments worth AED9.4 billion out of the approximate AED50 billion investment deals, while the latter recorded 4,676 AED8.6 billion worth of investments.
KSA nationals were third in the list of investors by total deal value, accounting for 1,882 investments worth AED3 billion, followed by Pakistanis with 1,851 deals worth AED2.3 billion and UK nationals with 1,761 investments worth more than AED3.4 billion.
The top ten list also included investors from China, Egypt, Jordan, Canada and Russia. Overall, GCC nationals accounted for AED13.7 billion of the total, and 6,681 transactions.
This article was originally published in Prestige Magazine, Issue 37.