Dubai Land Department (DLD) recorded an unprecedented growth in the last ten days of 2018. HE Sultan Butti bin Mejren, Director General of DLD, stressed that Dubai’s real estate market recorded a high-transaction volume during the last ten days of 2018 with a value of over AED 19 billion ($5.2bn) through 2,081 transactions. Bin Mejren affirmed that these figures are critical in the analytical readings and have a direct positive impact in supporting 2018’s outcomes. They are also a positive indicator of a rising wave in the real estate sector which is expected to begin in the new year.”
Bin Mejren added: “This activity affirms the attractiveness of Dubai’s real estate sector, specifically the demand from buyers and investors who are benefitting from legislation and investment incentives recently announced by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai the preferred investment destination. These recorded transactions within a short time reflect renewed confidence in our real estate market, especially in light of Expo 2020 preparations. The investors’ decisions stem from their monitoring of successive developments regarding government legislation that guarantees their rights, in addition to the incentive environment established by the government to invest in this sector and ensure long-term rewarding returns on investment.”
2,081 sales, mortgage, and other transactions worth over AED 19 billion were concluded during the period from 17 – 30 December 2018. These transactions were being recorded daily for over AED 1 billion ($272 million), peaking on 24 December with transactions worth about AED 3.6 billion (Almost $1bn).
Referring to the areas in Dubai, Al Hebiah Third managed to rank first in land sales transactions with 25 transactions worth AED 69 million ($18.8 million).
In terms of building sales, Wadi Al Safa 5 came in first place with 43 transactions worth AED 65 million ($17.7 million), followed by Wadi Al Safa 7 with 20 transactions worth AED 34 million ($9.26 million). Al Yelayiss 2 came in third place with 13 transactions worth AED 19 million ($5.17 million). Al Thanayah Fourth came in first place regarding building mortgages with 15 transactions worth AED 23 million ($6.26 million), followed by Al Yelayiss 2 with 12 transactions worth AED 11 million ($3 million). Al Yelayiss 1 and Al Barsha South Fourth tied in third place in terms of building mortgages, where the former recorded 5 transactions worth AED 7 million ($1.9 million) and the latter recorded 5 transactions worth AED 9 million ($2.45 million).
In terms of unit sales, Al Warsan First came in first place with 196 transactions worth AED 86 million ($23.4 million), followed by Business Bay with 115 transactions worth AED 149 million ($40.6 million). Marsa Dubai came in third place with 98 transactions worth AED 161 million ($43.9 million). Business Bay came in first place in terms of unit mortgages with 44 transactions worth at a record of AED 326 million ($88.8 million). Al Barsha South Fourth came in second place with 34 transactions worth AED 17 million ($4.63 million), followed by Al Thanyah Fifth with 26 transactions worth AED 31 million ($8.44 million).
When looking at the total sum of all land, building, and unit transactions, Al Warsan First came in first place with 200 transactions worth AED 111 million ($30.2 million), followed by Business Bay with 115 transactions worth AED 149 million ($40.6 million). Marsa Dubai came in third place with 98 transactions worth AED 161 million ($43.9 million). The remaining seven areas went to Al Barsha South Fourth, Wadi Al Safa 5, Burj Khalifa, Al Merkadh, Palm Jumeirah, Hadaeq Sheikh Mohammed Bin Rashid, and Al Hebiah Fourth.
In terms of mortgages, Business Bay came in first place with 45 transactions worth at a record of AED 353 million ($96.2 million). Al Barsha South Fourth came in second place with 42 transactions worth AED 79 million ($21.5 million), followed by Al Thanyah Fifth with 34 transactions worth AED 61 million ($16.6 million). The remaining seven areas went to Al Hebiah Third, Me’aisem First, Al Yelayiss 2, Marsa Dubai, Al Thanayah Fourth, Al Jadaf, and Al Warsan First.
Bin Mejren stressed DLD’s role in supporting the government’s directives through its transparent and flexible procedures. DLD recognizes the importance of the real estate sector and its crucial role in diversifying income sources in GDP, as it represents a key polarising factor for investment, leading to comprehensive and sustainable development in our national economy.
Bin Mejren concluded: “This motivates us to achieve superior institutional performance by adopting latest modern technologies. After launching a comprehensive package of smart applications, the level of interest of foreign investors increased, allowing them to recognize the features Dubai’s unique real estate sector, and the variety of products offered in the market that suit different buyers — whether seeking a second home outside their homeland, or top investors who are roaming the world for the best investment options.