The value of Dubai real estate transactions during the first half of 2017 has surged by almost 17 per cent.
Data from the Dubai Land Department has confirmed that Dubai real estate deals reached 132 billion UAE dirhams ($35.9 billion) during the first six months of this year.
The figure represents a rise of 16.8 per cent when compared to the same period in 2016. The number of property transactions also showed a healthyu rise of 26 per cent, reaching 35,571.
According to the DLD figures 25,864 transactions were sales deals worth over 63 billion UAE dirhams, while 7,893 were mortgage deals worth a combined 60 billion UAE dirhams.
Another 1,814 additional transactions made up the remaining 9 billion UAE dirhams worth of deals recorded.
The majority of the Dubai real estate deals (4,510) were to Emiratis who purchased around 15 billion UAE dirhams worth of property.
Saudi nationals were responsible for another 4 billion UAE dirhams worth of real estate deals, whilst other arab nationalities purchased property worth 8 billion UAE dirhams.
Overseas property investors from other countries around the world were also very actiuve in the Dubai real estate sector, purchasing property worth 28.6 billion UAE dirhams. The most active foreign nationals were from India, Pakistan, China, Canada and the UK.
Popular areas in Dubai for property purchase were Dubai Marina and Business Bay, registering 2,529 and 2,146 real estate transactions respectively. Al Barsha South 4 also joined the 2,000+ club with 2,001 propertyu deals.
For property transaction value however, Palm Jumeirah still tops the list with real estate transactions worth 9.5 billion UAE dirhams.
Director-general of Dubai Land Department, Sultan Butti bin Mejren, commented: ‘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.’