Dubai com­pletes Dh162bn of prop­erty deals this year

The National - News - - BUSINESS - SARAH TOWNSEND

A to­tal of Dh162 bil­lion ($44bn) worth of real es­tate trans­ac­tions were signed in the first nine months of 2018, with GCC and In­dian in­vestors ac­count­ing for the bulk of the deals, the Dubai Land Depart­ment said.

“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 Dh56.6bn worth were real es­tate sales.

In ad­di­tion Dh86bn were mort­gage trans­ac­tions and Dh19.3bn were “other” trans­ac­tions on which the DLD did not pro­vide fur­ther 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 Dh9.4bn out of the ap­prox­i­mately Dh50bn in­vest­ment deals, while the lat­ter recorded 4,676 Dh8.6bn worth of in­vest­ments.

Saudis were third in the list of in­vestors by to­tal deal value, ac­count­ing for 1,882 in­vest­ments worth Dh3bn, fol­lowed by Pak­ista­nis with 1,851 deals worth Dh2.3bn and UK cit­i­zens with 1,761 in­vest­ments worth more than Dh3.4bn. The top 10 list also in­cluded in­vestors from China, Egypt, Jor­dan, Canada and Rus­sia.

Over­all, GCC na­tion­als ac­counted for Dh13.7bn of the to­tal, and 6,681 trans­ac­tions.

“The di­ver­si­fi­ca­tion of the in­vestor base re­flects mar­ket at­trac­tive­ness and rep­re­sents a guar­an­teed sus­tain­able growth,” Mr bin Me­jren said.

“The pos­i­tive reper­cus­sions [of these deals] will con­tinue to res­onate in the short and long term by in­tro­duc­ing new sales cat­e­gories for ei­ther per­sonal use or for in­vest­ing.”

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