The Dubai Land Department, the emirate’s property legislator, has recorded 13,759 transactions valued at AED 58 billion for the 1st Quarter of 2018.
“The Dubai real estate market continues to show growth, driven by general optimism and confidence in the real estate sector. Achieving almost Dh58 billion in transactions shows strong momentum in the real estate sector for Q1, and we expect this to raise the Q2 transaction index and continue to rally before the end of the year.” says Sultan Butti bin Mejren, Director-General of DLD.
Q1 2018 report issued by DLD’s Department of Real Estates Studies and Research saw a total of 9,092 sales transaction worth about Dh19 billion, 3,717 mortgage transactions worth over Dh30.6 billion, and 950 other transactions valued at Dh8.4 billion.
Bin Mejren adds “Dubai remains an attractive destination for investors seeking a safe return on investment, which is evident from the emirate’s base of investors, who belong to more than 217 nationalities from all over the world.”
The report also confirms AED 10 Billion worth of transactions from foreign investments and total of AED 8 Billion worth of transactions from GCC and Arab Investments.
In terms of location, Business Bay recorded 973 sales transactions worth almost Dh2 billion, followed by Dubai Marina with 720 deals worth Dh1.371 billion. Al Barsha South Fourth came in third place with 681 sales worth Dh1.140 billion.
Brokers benefited from an increase in demand for Dubai properties and made up to Dh240 million in the land, building and residential unit sales.
Bin Mejren said, “These results have been achieved thanks to our commitment to our leadership’s vision of achieving the highest levels of excellence and developing innovative services that enhance cooperation among investors.”