Construction Global reported that the city of Dubai has seen its transactions related to real estate hit AED 162 billion in the first nine months of 2018. The AED 162 billion was spent across 39,802 transactions in the review period, according to the Dubai Land Department. In the same period of 2017, the department recorded 52,170 transactions in the city, ConstructionWeekOnline reported. In the nine months ending September, 25,473 transactions totalling AED 56.6 billion were sales transactions.
Mortgage transactions accounted for 27.6% of the total number at 11,000 transactions, however the sector’s worth of AED 86 billion contributed 53% to the total value. The remaining 3,486 transactions were deemed by the department as “other”, and hit AED 19.3 billion.
The nine months saw 163 nationalities invest in Dubai’s real estate industry – with India, Saudi Arabia, the UK, and China demonstrating the most interest.
The UAE’s citizens invested the most money in the sector, with 4,112 people spending AED 9.4 billion.
The second highest nationality to invest was India, with more people (4,676) spending AED 8.6 billion.