Dubai property sales reach Dh24 billion in the first quarter

Dubai Land Department (DLD) said that property transactions worth Dh64 billion were completed in the first quarter – Dh24bn of this was through property and land sales and Dh37bn was a result of new mortgages.

DLD said that Dh11bn of the sales were for buildings and individual units – Dh8.4bn of which was residential units, Dh2.2bn was for business units and the remainder for buildings. The most popular areas for unit sales were Business Bay, where 1,202 units were sold for a combined Dh1.84bn, and Dubai Marina.

Of the Dh24bn worth of land and property bought, Dh9bn was bought by GCC investors – Dh5.8bn of which came from Emiratis and Dh1.9bn from Saudis. Dh3bn was from other Arab investors and Dh12bn from non-Arabs.

Indians bought Dh3bn of properties, British buyers bought Dh1.9bn and Pakistanis bought Dh1.4bn. Iranian and Russian buyers rounded out the top five nationalities of non-Arab investors.

“The figures in this report are showing a well-established trust in our real estate market,” said the DLD director general, Sultan Butti bin Mejren.

JLL’s report on Dubai’s property market in the first quarter stated that apartments rose in value by 7 per cent year-on-year, while villa prices increased by 6 per cent.

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