Dubai: Cash-rich investors are making a strong return to Dubai’s property market, with the Burj Khalifa and its immediate neighbourhood becoming the top-selling location by taking in Dh6.2 billion in the first nine months.
Business Bay followed with Dh5.5 billion while Dubai Marina had Dh5.3 billion, according to figures from Dubai Land Department.
AED 204 billion of real estate transactions in 9 monthshttps://t.co/oRc3D6H5I4#Dubai pic.twitter.com/GjvtTjvykz
— Dubai Media Office (@DXBMediaOffice) October 23, 2017
In all there were Dh204 billion worth of realty transactions in the first three quarters from 52,170 deals.
Land in Dubai is proving a sought after commodity, with plot sales attracting Dh143.4 billion, achieved from 11,169 transactions.
Building sales generated a further 5,014 transactions for a total value of Dh12.7 billion, while 36,000 transactions happened involving residential units for Dh48.7 billion.
Cutting across asset type, there were 11,699 transactions worth Dh102 billion financed through mortgages.
The location that brought on the highest number of mortgage-based deals was Palm Jumeirah (with 578 transactions exceeding Dh11.3 billion), and followed by Business Bay (596 transactions worth Dh4.6 billion).
According to Sultan Butti bin Mejren, Director-General of Dubai Land Department, “The data clearly shows increasing demand across all property categories, which means that we are attracting a wide variety of investors.
“We expect the market to remain on this upward trajectory of sustained growth.”
