Mubasher: Dubai saw a total of 60,595 real estate transactions worth over AED 259 billion in 2016, according to Dubai Land Department’s (DLD) annual report.
A total of 15,000 mortgage transactions, equivalent to a value of AED 128 billion, were carried out, while over 41,776 sales transactions took place, amounting a total value of AED 103 billion.
Land sales and mortgage transactions contributed a total value of AED 193 billion across 15,994 transactions in 2016.
The sum of real estate investment transactions for 2016 registered over AED 91 billion from 55,928 investors, the report added.
The Gulf Cooperation Council (GCC) states represented AED 35 billion from 12,768 investors of six nationalities, while 3,294 Saudi Arabian investors made AED 8 billion transactions.
“Investors from Qatar and Kuwait approached AED 2 billion mark, from 1,006 and 770 investors respectively, followed by nationals from Oman (301 investors) and Bahrain (244 investors), who contributed up to AED 1 billion,” the report added.
The real estate market witnessed the entry of 55 new developers last year, with the launch of 134 new projects valued at AED 100 billion, and the completion of 62 projects.
