Real estate transactions in Dubai reach $44bn in 2018

By Sophie Chapman
Share
The city of Dubai has seen its transactions related to real estate hit AED162bn (US$44.1bn) in the first nine months of 2018. The AED162bn was spent ac...

The city of Dubai has seen its transactions related to real estate hit AED162bn (US$44.1bn) in the first nine months of 2018.

The AED162bn 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 AED56.6bn ($15.4bn) were sales transactions.

Mortgage transactions accounted for 27.6% of the total number at 11,000 transactions, however the sector’s worth of AED86bn ($23.4bn) contributed 53% to the total value.

SEE ALSO:

NPCC wins $450m contract from ADNOC to build offshore field

$1.5bn Offshore concession agreement signed by OMV and ADNOC

Saudi Aramco has revealed the six prequalifying firms for its $6bn Berri oilfield project

Read the latest issue of Business Chief, Middle East edition, here

The remaining 3,486 transactions were deemed by the department as “other”, and hit AED19.3bn ($5.2bn).

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 AED9.4bn ($2.5bn).

The second highest nationality to invest was India, with more people (4,676) spending AED8.6bn ($2.3bn).

1,882 Saudi Arabians invested AED3bn ($816mn) in the industry, ranking third.

The most popular area of investment, in regards to value, was Business Bay having received AED5.3bn ($1.4bn) from 2,644 transactions.

1,972 more transactions were counted for Dubai Marina, but the total spending during the nine months only hit AED4bn ($1bn).

 

Share

Featured Articles

Energy Transition Reshaping Construction, Says BCG

BCG report details how industries including construction need to collaborate on AI-driven energy solutions, citing data centre design as an example

New Volvo CE Facility Pioneers Climate Certification

Volvo Construction Equipment’s new Braås site is the first to earn the Climate Efficient Site certification, spearheading sustainability in construction

French construction firm Bouygues Expands into US

French multinational construction firm Bouygues Construction expands US presence as subsidiary Aimco lands luxurious Miami waterfront development project

Construction Industry Embracing Autonomous Equipment

Technology & AI

BIM: Revolutionising Construction Through Digital Innovation

Planning & Design

Global Coalition Targets Green Finance for Building Sector

Sustainability & Green Building