Dubai recorded Dh58 billion in property sale transactions in the first quarter of this year, with Business Bay taking the top spot for areas with most deals, the emirate’s land department said on Saturday.
The Dubai Land Department didn’t give comparative year-on-year or quarter-on-quarter figures for the three-month period to March-end 2018.
“Achieving almost Dh58bn of transactions shows strong momentum in the real estate sector for the first quarter, and we expect this to raise the second quarter transaction index and continue to rally before the end of the year,” said Sultan bin Merjen, director general of DLD.
“Analysts and experts predict an upsurge as we enter 2019 with unprecedented strength, as many strategic infrastructure projects are due to be completed in Dubai in preparation for Expo 2020.”
Dubai residential property market took a hit in the last three years as a drop in oil prices slowed economic growth. It led to companies reducing jobs and slashing housing allowances, which subsequently affected the real estate market, An increase in supply also dented sales and rental values in the emirate. However, a rebound in oil prices to near $70 a barrel and an uptick in infrastructure construction in the run-up to Expo 2020 is expected to help buoy investor confidence and put prices on an upward trajectory.
Business Bay topped the table in terms of most sales in the emirate
Business Bay clinched top spot for areas with most sales, netting Dh2bn, followed by Dubai Marina with Dh1.37bn, and Al Barsha South with Dh1.14bn.
The other seven places in the top 10 areas: Al Merkadh, Jebel Ali First, Al Hebiah Fourth, Al Warsan 1, Al Thunaya 5, Al Yelayiss 2, and the Palm Jumeirah.
UAE nationals were the biggest investors in the first quarter, with Dh4bn worth of deals, followed by Indians with Dh3bn and Saudi Arabian investors with Dh1.3bn.
The top three were followed by investors from Pakistan, the UK, China, Egypt, Russia, Jordan, and Canada
The first quarter saw 13,759 transactions split along three lines: 9,092 sales deals worth Dh19bn, 3,7171 mortgage transactions worth Dh30.6bn and 950 other transactions worth Dh8.4bn, according to the DLD.
Source: The National, 2018