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The first nine months (9M) of 2018 saw real estate transactions in Dubai drop to $44.1bn (AED162bn), it has been revealed. Dubai Land Department (DLD) registered 39,802 real estate transactions in 9M 2018, compared to 52,170 in the same period of 2017.
Of the transactions completed this year, 25,473 were sales transactions worth $15.4bn (AED56.6bn); approximately 11,000 were mortgage transactions worth $23.4bn (AED86bn); and the remaining 3,486, termed ‘other transactions’ by DLD, hit $5.2bn (AED19.3bn).
READ: Dubai real estate transactions hit $55.5bn in nine months
During the period, 163 nationalities invested in the emirate’s real estate sector, demonstrating Dubai’s global appeal. Investors from India, Saudi Arabia, the UK, and China were among the main investors of 9M 2018.
Emiratis were the largest spenders, registering 4,112 investments worth $2.5bn (AED9.4bn). Indians ranked second, making 4,676 investments worth $2.3bn (AED8.6bn), and Saudi Arabian nationals came third, completing 1,882 investments worth $816m (AED3bn).
HE Sultan Butti bin Mejren, director general of DLD, said the figures demonstrated that Dubai remained a “preferred investment destination” for the international community.
The emirate’s real estate portfolio will also note growth through the completion of infrastructure projects in support of Expo 2020 Dubai, which will increase “demand for residential units, commercial spaces, and lands,” bin Mejren added.
READ: DLD airs support for UAE-China strategic alliance
Business Bay was the most popular locality for property investment during the first nine months of 2018, recording 2,644 transactions worth $1.4bn (AED5.3bn). More real estate transactions were recorded for Dubai Marina during the same period (1,972) but the value of $1bn (AED4bn) was lower than Business Bay’s.
Other popular areas included Al Barsha, Jebel Ali, Al Merkadh, and Al Hebiah Fourth.
The $44.1bn (AED162bn) in real estate transactions recorded in 9M 2018 is down from the $55.5bn (AED204bn) reported for the same period a year ago.