Dubai’s real estate activity has picked up a momentum in 2017 as there has been a 14 per cent increase in the number of transactions compared to the previous year. Indians continued to be the leading foreign buyers in Dubai as they poured a whopping AED7 billion (USD1.6 billion) in 2017 the property market, said a report.
The figures from the Dubai Land Department revealed that the number of transactions last year totalled 69,000 which is 14 per cent increase over 2016. The value of those transaction also rose 6 per cent to AED285 billion (USD77.594 billion). The department’s definition of transactions includes housing stock, land, new mortgages and so-called “other” transactions.
Sultan Butti bin Mejren, Director General of Dubai Land Department Mejren said, “The 2017 report sends reassuring messages of renewed cycles of growth in the coming years, especially when we take into account the modern-day infrastructure that exists in Dubai. The numbers and figures contained in the report confirm the strength of the Dubai real estate market and its ability to grow from year to year. Among the positive signs of the report is the lead UAE nationals have in investments, as well as the diversity of the investor base which reflects the attractiveness of the Dubai real estate market to global investors.”
In addition to the Indian investors, other buyers from several countries poured money into the Dubai property market in 2017. Saudis invested around AED7 billion (USD1.9 billion) while British and Pakistanis were also significant buyers, spending roughly AED6 billion (USD1.6 billion) and AED5 billion (USD1.3 billion) respectively.
Other top investors included Chinese, Jordanians, Egyptians and Canadians, according to the report.
Dubai also released figures pertaining to women in real estate for the first time. Last year, women led roughly one-fifth of all transactions, totalling AED27 billion (USD7.35 billion).
The Burj Khalifa area led for overall transaction volume, totalling AED7.368 billion (USD2.01 billion. Neighbouring Business Bay came in second with AED7.1115 billion (USD1.94 billion) worth of transactions last year. Third place was Dubai Marina, which captured about AED7 billion (USD1.91 billion) in 2017.
The man-made archipelago Palm Jumeirah attracted the most transactions of any neighbourhood, according to the report.