The demand for Dubai Real Estate is rising on the back of Expo 2020
The demand for real estate in Dubai is increasing as the Emirate gets ready to host the Expo 2020, the Dubai Land Department (DLD) has said in its most recent report.
In the initial nine months of the current year, a total of 52,150 transactions were recorded with an with an overall revenue of 88 Billion AED.
Furthermore, there were 11,699 mortgage transactions worth 102 Billion AED, and other transactions equaling 14 Billion AED.
Sultan Butti bin Mejren, director general of DLD said that the report contained “many encouraging and promising signs for those interested in Dubai’s real estate sector”.
“The data clearly shows an increasing demand across all property categories, including land plots for various forms of real estate development, as well as buildings and residential units, which means that we are attracting a wide variety of investors.”
The land classification pulled in 143 Billion AED worth of investment from 11,169 exchanges across sales, mortgages, and other transaction categories, while building sales generated 5,014 transactions with a total value of 12.72 Billion AED. A total of 36,000 transactions for residential units of all types generated 48.77 Billion AED.
Bin Mejren added: “We expect the market to remain on this upward trajectory of sustained growth, and to see demand continuing to diversify across various real estate categories.
“The momentum of the market is being driven and sustained by several factors but particularly the upcoming launch of Expo 2020 Dubai.”
The report also uncovered the best 10 real estate sales areas in Dubai.
Burj Khalifa positioned first in terms of value with 1,650 exchanges worth 6.2 Billion AED.
Business Bay followed in second place with 2,754 exchanges worth 5.5 Billion AED, while Dubai Marina brought third place with 2,596 exchanges totaling 5.3 Billion AED.
Hadaeq Sheikh Mohammed bin Rashid came in fourth place with 1,495 transactions worth 4.4 Billion AED, whilst Al Barsha South came fifth with 2,418 exchanges surpassing 3 Billion AED.
The other five spots went to Al Thanyah 5, Al Yufrah 2, Jebel Ali First, Madinat Al Mataar and Al Yelayiss 2 respectively.
When it came to morgages, Palm Jumeirah finished the rundown with 578 exchanges worth 11.3 Billion AED, trailed by Business Bay with 596 exchanges worth 4.6 Billion AED, Dubai Marina with 777 exchanges worth over 3 Billion AED, Burj Khalifa with 434 exchanges worth about 2 Billion AED and Al Thanyah 5 with 796 exchanges worth 1.7 Billion AED.
The other five spots were taken by Al Thanyah 4, Al Barsha South Fourth, Jebel Ali First, Al Yelayiss 1 and Al Thanyah 3 respectively.