USD70.5 billion spent on Dubai’s real estate in 2016: DLD

15.01.2017

Dubai Land Department presented its official annual report for 2016.

The results of the previous period are summed up, numbers are added, and finally, it’s time to draw up official conclusions. Dubai Land Department presented its official year-in-review statistics for 2016, according to which the actual annual volume of Dubai real estate transactions stayed almost on par with the previous year of 2015 and exceeded AED259 billion (USD70.5 billion).

60,595 real estate transactions were registered in Dubai during 2016, of which 41,776 were sales transactions and over 15,000 were mortgage deals.

Representatives of 136 different nationalities have invested their funds in Dubai properties in 2016. Among them locals were the most active: UAE nationals spent AED22 billion on the emirate’s apartments and villas, while AED44 billion were poured into Dubai real estate sector by foreign investors. Property buyers from India, Pakistan and the United Kingdom topped the list of the most generous foreign investors in Dubai’s real estate.

And the list of Dubai areas most popular among property buyers was topped by Business Bay this time: DLD registered 3,508 real estate transactions there in 2016, totaling AED 6.2 billion. The former rating’s leader Dubai Marina was down to the second position last year. The further line of the most demanded Dubai areas was made of Jebel Ali 1, Burj Khalifa and Warsan 1.

However, the main intrigue of how many property units were delivered in Dubai in 2016 is still not disclosed. It’s been revealed only that 62 new projects were completed in the emirate in 2016. At the same time, 55 new developers came to Dubai in 2016, bringing a total of 134 new real estate projects to the market, worth AED 100 billion. These current trends, as well as the run-up to the Expo 2020, have brought DLD experts to a conclusion, that Dubai housing market entered a period of maturity with strong grounds for further growth in 2017.

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