The real estate market within Dubai is expecting increasing demand and price growth as work on Expo 2020 begins.
- Transactions within the Dubai property market reached AED 55 billion in the first quarter of the year
- Foreign investment in the emirate hit over AED 12 billion from 105 nationalities
- Real estate prices are expected to feel upward pressure as Expo 2020 will attract over 25 million people to Dubai
Total transactions within the Dubai property market hit AED 55 billion in the first quarter of 2016.
The Dubai Land Department (DLD) said total transactions reached AED 54.782bn through 12,568 transactions, while real estate investment transactions reached AED 25bn for the period made by 11,353 investors of 127 nationalities.
Citizens of Gulf Cooperation Council states contributed AED 9 billion from 3,476 investors. Emirati investment formed the lion’s share of this figure, with total transactions of AED 6.1 billion, while citizens of Saudi Arabia came in at second place after making transactions of AED 1.8 billion, followed by Kuwaiti nationals.
Arab investors from outside the GCC’s contribution to the real estate market reached more than AED 3 billion, with 1,486 individuals of 16 nationalities making investments.
The total value of foreign investment in the Dubai real estate market amounted to more than AED 12 billion, with 105 nationalities from 6,391 investors, the department said.
KPMG, a consulting and audit firm, has said property prices will begin to feel upward pressure once infrastructure work surrounding the Expo 2020 gets under way.
With the designers of the Expo 2020 pavilions named by the emirate and work to begin on the Metro extension soon, investors can expect Dubai real estate prices to increase as the Expo grows closer. Expo 2020 is expected to attract at least 25 million visitors to Dubai and create over 270,000 new jobs.