Transaction volumes in the Dubai property market have increased 15%. Investors continue to see the prospect of future growth.
- DLD figures show £22.4 billion was invested in the Dubai property market last year
- Business Bay and Dubai Marina are the most popular areas with investors
- The 15% rise in transactions shows the potential for future growth strength of the market
The amount of money spent on Dubai property in the first six months of the year increased by over 15%.
Figures from the Dubai Land Department (DLD) show that purchasers invested £22.4 billion (AED129bn), over a total of 23,000 transactions.
Sales transactions made up 41% of the total, while mortgages accounted for 50.4%. Remaining operations reached a total of £1.74 billion and represented just under 9%.
The most popular areas with investors continued to be Business Bay and Dubai Marina. The former generated the most transaction value, reaching £436 million, while Dubai Marina led the way for mortgage purchases, with £174 million being spent.
Speaking about the statistics, Sultan Butti Bin Mejren, Director General of the DLD, said: “The report confirms beyond any doubt that the real estate sector in Dubai is heading towards sustainable growth. This can be ascertained from the continual increases from one quarter to the next, which have been a feature of the market over the last two years.”
He added that the promise of sustainability allows developers and investors to formulate short and medium-term strategies and dismiss misleading information being spread about Dubai’s property market.
“The reliable data in the report is far removed from fallacious information about the market that certain parties are trying to broadcast in order to achieve personal gain,” the Director General stated.
After three years of tremendous growth, the Dubai property market has started to slow following the introduction of cooling measures and increases in supply. However, as the new figures reveal, appetite for assets in the region remains strong and the prospect of future growth remains.