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08/08/2017 - 13:32hs

Dubai real estate deals hit USD 106 billion in 18 months

The number of transactions taking place in the emirate exceeded 95,000 since January 2016.

Dubai – Total real estate deals in Dubai over an 18-month period exceeded AED 390 billion (USD 106.16 billion), Emirates News Agency (WAM) reported this Tuesday (8). The Dubai Land Department (DLD) said over 95,000 transactions took place since January 2016.

“These figures demonstrate an atmosphere of optimism across the real estate market,” WAM quoted DLD director general Sultan Butti Bin Mejrenas saying. He added that investor confidence is growing, as is investment attractiveness. Dubai’s realty market was badly hit by the 2008 international financial crisis.

In the 18 months since January 2016, Dubai saw 67,409 transactions involving land, buildings and units amounting up to AED 165.7 billion (USD 45.1 billion) and 22,353 mortgage deals worth a combined AED 188.5 billion (USD 51.3 billion), with other transactions amounting to 6,077 and coming out to AED 36 billion (USD 9.8 billion).

Housing and commercial deals made up the bulk of total transactions, followed by land and buildings.

WAM also reported that Bin Mejren said the market will likely keep going strong. “By examining the current market activities and the expected events and activities related to the upcoming Expo 2020, this momentum will remain in the foreseeable future,” he said. Dubai will host the 2020 World Expo.

In the first half of 2017, there were 35,571 real estate transactions in Dubai, which came out to AED 132 billion (USD 36 billion), up 16.8% from H1 2016, according to the DLD.

*Translated by Gabriel Pomerancblum

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