DUBAI, The Dubai Land Department, DLD, recently revealed the annual results of the Dubai real estate market for 2017, with the total real estate transactions exceeding AED285 billion via 69,000 real estate transactions.
Commenting on DLD's Annual Transactions Report, which summarises the market activity over the past year, Sultan Butti bin Mejren, Director-General of DLD, said, "The figures disclosed in the report for total transactions including sales, mortgages and others, confirm the current strength of the Dubai real estate market, in particular when compared against the past two years 2015 and 2016."
Bin Mejren added, "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."
The report states that the real estate transactions for 2017 have increased by 6 percent in terms of number, and 4 percent in value when compared to AED275.8 billion for 2015, and increased by 14 percent in number, and 6 percent in value compared to AED268.7 billion for 2016.
The results from 2017, including sales of land, buildings and units in the Dubai real estate market totaled AED114 billion through 49,000 transactions, while mortgages for the same three categories reached AED138.5 billion through 15,700 transactions. There were approximately 4,000 other transactions valued at approximately AED33.3 billion, where the total turnover for the year 2017 was AED285.562 billion from 69,000 transactions For 2017, Dubai's real estate market has attracted investors from around the world, including Gulf nationals, Arabs and foreigners, with a total of 39,480 investors making nearly 53,000 transactions worth more than AED107 billion.
According to the report, over 9,790 Gulf nationals made 14,381 transactions worth more than AED37 billion. The Dubai real estate market attracted nearly 7,000 Arab investors who closed 8,644 real estate transactions worth over AED14 billion. There was also a high level activity among foreign investors, with nearly 23,000 investors making approximately 30,000 transactions worth approximately AED56 billion throughout 2017.
The contribution of women to real estate investment is growing, almost 11,773 women entered the market and made a total of 14,316 transactions worth over AED27 billion.
The UAE investor continued to lead the list of nationalities investing in the Dubai real estate market, where the value of their investments amounted to AED25.307 billion. The second place was for Indian investors who invested AED15.6 billion. The Saudis came in third place with investments exceeding AED7 billion, followed by British and Pakistanis whose investments amounted to AED6 and AED5 billion, respectively.
Other active investors include Chinese, Jordanians, Egyptians and Canadians.
Brokers had benefited from an increase in demand for Dubai's properties and built up AED1.77 billion for their role in completing sales of land, buildings and residential units. Their share included AED840 million from land sales, which came close to AED42 billion. They also earned AED133 million from sales of buildings, which exceeded AED6.6 billion, and with commissions amounting to AED794 million from sales of units worth AED40 billion. The value of broker commissions is calculated by calculating - two percent - of the total actual sales.
The number of real estate permits during the same period was 12,407, and the number of real estate offices reached 2,256. According to DLD statistics, the number of registered real estate brokers reached 6,195.
Source: Emirates News Agency