Official data from the Dubai Land Department annual report, published on Tuesday, showed that the emirate saw a significant increase in the number of real estate transactions and investments for the first five months of 2019. But more importantly, a half plus of them, namely 57 per cent, were concluded by new investors.
The report data indicate that the emirate’s real estate market has every chance to surpass its own last year’s figures for investments and real estate transactions. The total value of real estate transactions in the emirate has grown by 12 per cent to AED106 billion compared to AED95 billion in 2018, the Department’s annual report on the Dubai's housing market for the previous year of 2018 said.
In 2018, about 53,000 real estate transactions were concluded reaching the amount of AED223 billion, with a total investment of AED80 billion, of which more than 41,000 investments were made by 31,000 investors from all over the world. Despite the decline in real estate prices, the sector's contribution to the overall emirate’s economy doubled to 13.6 per cent in 2018 from 6.9 per cent made in the previous year.
Also, according to these data, from January to May 2019, 48 new projects were launched in Dubai, which include
However, the level of materialization of
However, recent government initiatives, such as the creation of a
According to the Land Department, UAE citizens took the first place among the most active real estate investors in H1-2019. They were followed by Indian investors.
New investors have concluded about 57 per cent of all real estate transactions recorded at that time, which is already significantly higher than last year, when only 66 per cent of the total number of new investors came to the country over the whole year period.
Last year’s registered sales volume exceeded AED74 billion, according to the DLD’s report, butut the current year still promises to beat these numbers.
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