The first official data provided by Dubai Land Department in 2016 knocked the bottom out of gloomy forecasts about Dubai real estate industry’s slowdown made by some analysts previously.
In just 53 days of 2016 the total number of real estate transactions concluded in the emirate amounted to US $ 18.6 billion. Dubai Land Department predicts that the total amount of property transacted in the course of 2016 could exceed US $ 81.6 billion if this growth rate keeps in place.
Imexre.com had revealed previously that, according to the annual DLD report, presented in January, the total amount of real estate transactions recorded last year in Dubai was US $ 72.6 billion. And this figure, in turn, significantly exceeded the previous record of 2014, when the total value of real estate transactions concluded in the emirate was US $ 59.6 billion. Thus, when viewed in the long term, the investors’ interest and home buyers activity in Dubai is increasing annually, despite the pessimism of certain analysts.
Sultan Butti bin Merjen, director-general of Dubai Land Department, speaking at the Cinder Dubai 2016 conference said: “Investors are buying into the property market and we can see that, with registration of AED68 billion worth of deals from January to February 22 2016. In fact, we expect to touch AED300 billion in real estate transactions this year.”
“People talk of a correlation between lower oil prices and property, but we haven’t seen any such thing. People are buying and not all of them have any business with oil. There are a lot of investors with money who have trust in Dubai,” he added.