Dubai property transactions jump 16.8% to Dh132 billion

DUBAI: Emirati investors helped lift Dubai property transactions during the first half of the year, the Dubai Land Department (DLD) said on Sunday.
The total value of real estate transactions rose 16.8 percent to Dh132 billion (SR134.79 billion) in the first half, compared with Dh113 billion of the same period of last year.
Emirati investors completed 4,510 transactions during the period at a value of Dh15 billion, followed by Saudi Arabian nationals with 1,936 transactions pegged at Dh4 billion. The total value of investments from the Gulf states increased by 16 percent from last year to 21.7 billion.
Dubai Marina was the most-sought after location as total transactions for the area reached 2,529, followed by Business Bay with 2,146, Al-Barsha South 4 with 2,001, Jebel Ali 1 with 1,931 and in fifth place Al-Thaniya 5 with 1,501 transactions.
In terms of value, Palm Jumeirah topped the chart with transactions worth Dh9.5 billion, followed by Business Bay at Dh6.5 billion, the Burj Khalifa and Dubai Marina at Dh5.8 billion respectively and the Al-Wasl area at Dh5.6 billion.
“Our report for the first half of this year bears promising results for professionals in the real estate sector, as despite global economic pressures, Dubai has once again reaffirmed its leadership of regional markets and driven renewed growth in the region,” said Sultan Butti bin Mejren, the DLD Director-General of DLD.
“The success demonstrates the wisdom of the economic policies set by the government … as these have encouraged real estate investment and safeguarded the growth of a transparent, sustainable and secure real estate sector.”