Dubai’s real estate transactions exceed $70 bln in 2016
Dubai Land Department’s (DLD) annual report reveals that the total amount of real estate transactions recorded in the Emirate last year exceeded AED 259 billion ($70 billion).
Commenting on DLD’s annual report, His Excellency Sultan Butti Bin Merjen, Director General of DLD, said the findings in the report confirm that the real estate market in Dubai has reached a new phase of maturity and stability, and that it is moving towards sustainable growth.
Bin Mejren predicts that the real estate market in Dubai will gain further momentum in 2017, signaling an upward trend for sustained growth in the run-up to Expo 2020. The news was shared in his comment on the annual report, which was issued by Real Estate Research and Studies Department at DLD.
The DLD annual report which includes a detailed insight into Dubai’s real estate scene, the infrastructure of mega-projects, and preparations for Expo 2020—also reveals that the real estate market is expected to benefit from a new wave of activity and growth this year.
Developers have risen to meet the challenge of this new growth phase, with the launch of new projects valued at over 100 billion dirhams, as well as the completion of mega-projects and the development of new services to meet growing demands from a variety of real estate sectors.
DLD’s annual report also reveals that the Emirate recorded a total of 60,595 real estate transactions in 2016, exceeding AED 259 billion in value. Over 41,776 sales transactions took place, representing a total value of AED 103 billion, while the 15,000 mortgage transactions were equivalent to a value of AED 128 billion.
In 2016, land sales and mortgage transactions represented a total value of AED 193 billion across 15,994 transactions. This breaks down to mortgages bringing in over AED 114 billion via 5,145 transactions, while sales secured over AED 55 billion from 9,892 transactions. In terms of value, commercial land (already built on) claimed the lion’s share, representing 30 percent of the total value secured by transactions in 2016.
Segmenting sales and mortgage transactions by buildings and units, DLD’s report finds that over 44,602 transactions took place, representing a total value of AED 66 billion. Building sales recorded 2,626 transactions worth AED 7 billion, while units performed 29,258 transactions worth AED 51 billion. In addition, the report records 1,391 building mortgage transactions worth AED 3.4 billion, and 8,000 unit mortgage transactions valued at AED 10.5 billion.
Source: Dubai Land Department