Dubai records Dh162bn of real estate deals this year

UAE and Indian nationals top investor list, Dubai Land Department says

Sultan Butti Bin Mejrin, director general of Dubai Land Department, which is ramping efforts to attract Chinese investment in UAE real estate. Satish Kumar / The National

A total of Dh162 billion ($44bn) worth of real estate transactions were signed in the first nine months of 2018, with GCC and Indian investors accounting for the bulk of the deals, the government’s Dubai Land Department said.

“As we approach the end of 2018, we expect the market to reveal additional investment advantages, especially in the presence of competition among investors, and the incentives announced by the Dubai Government to attract capital,” said Sultan Butti Bin Mejren, director general of DLD.

“This, along with the completion of some infrastructure projects to support preparations for Expo 2020, helps Dubai’s real estate horizon to broaden, increasing demand for residential units, commercial spaces and land.”

DLD’s Department of Real Estates Studies & Research recorded 39,802 transactions in the nine months to the end of September, of which Dh56.6bn worth were real estate sales, Dh86bn were mortgage transactions and Dh19.3bn were ‘other’ transactions the DLD did not detail.

Dubai received 27,174 investments through 21,605 investors of 163 nationalities, the department said. Emiratis and Indians topped the list, with the former recording 4,112 investments worth Dh9.4bn out of the circa Dh50bn investment deals, while the latter recorded 4,676 Dh8.6bn worth of investments.

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Saudi nationals were third in the list of investors by total deal value, accounting for 1,882 investments worth Dh3bn, followed by Pakistanis with 1,851 deals worth Dh2.3bn and UK nationals with 1,761 investments worth more than Dh3.4bn. The top 10 list also included investors from China, Egypt, Jordan, Canada and Russia.

Overall, GCC nationals accounted for Dh13.7bn of the total, and 6,681 transactions.

“The diversification of the investor base reflects market attractiveness and represents a guaranteed sustainable growth,” Mr Bin Mejren said.

“The positive repercussions [of these deals] will continue to resonate in the short and long term by introducing new sales categories for either personal use or for investing.”