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Abu Dhabi, UAEMonday 24 September 2018

Dubai property stages a comeback

Dubai Land Department says real estate transactions in the first half beat the year-earlier period

Apartment buildings in the Dubai Marina and Jumeirah Beach area. Antonie Robertson / The National
Apartment buildings in the Dubai Marina and Jumeirah Beach area. Antonie Robertson / The National

Dubai’s real estate sector recovered in the first half of this year with deals transacted rising 16.8 per cent in value, the Dubai Land Department said on Sunday.

The total value of real estate transactions reached Dh132 billion in the first half compared with Dh113bn in the year-earlier period.

Dubai Marina was the top pick in terms of number of transactions, followed by Business Bay, Al Barsha South 4 and Jebel Ali.

The number of total transactions rose by 25.9 per cent to 35,571 from 28,251 sales in the year-earlier period.

In terms of value, Palm Jumeirah took the lead, followed by Business Bay, Burj Khalifa and Dubai Marina.

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The total value of new mortgages increased 24.2 per cent to Dh60bn from Dh48.3bn. The total sales transacted without a mortgage rose 29.4 per cent to Dh63bn from Dh48.7bn a year earlier.

Emiratis ranked first in terms of investors, followed by Saudis, with total value of investments from the GCC rising 16 per cent compared with the same period last year.

“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 bin Merjen, the director general of the DLD.

Despite the increase in transactions, sales prices continued to dip in the second quarter, brokers said.

Apartment prices fell 2 per cent quarter-on-quarter and 7 per cent year-on year, Asteco said this month. Housing supply is expected to double this year to 17,700 units compared to 8,750 last year. The growing supply is likely to amplify the downward price pressure in the second half of the year, the broker said.

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