Dubai sees property sales rise as it builds up to Expo 2020
Property, mortgage and land transactions in Dubai have been picking up with the latest data showing there were 15,500 transactions worth AED60.5 billion in the third quarter of 2016.
Overall, the data from the Dubai Land Department suggests that sales have been increasing steadily in the first eight months of the year.
‘Real estate transactions in Dubai have demonstrated strong momentum since the beginning of this year, with growth increasing month by month, activity which substantiates that a positive correction in the domestic market is already well under way,’ said Sultan Butti Bin Merjen, DLD director general.
‘This comes despite the usual state of market tranquillity expected in the summer months, and there is a marked improvement in activity in comparison with the same period last year,’ he added.
Residential property sales amounted to 46% of total transactions, with more than 28,077 with a combined value of AED71 billion. Mortgages came in second at 8,482 transactions with a value of AED66 billion. Other transactions reached a value of AED20.5 billion.
‘There are a lot of positive signs contained within this report, which collectively demonstrate how the Dubai market is drawing great strength from a number of big infrastructure projects announced by the government,’ said Bin Mejren.
He believes that the most important contributing factor to these robust figures remains the preparations by the government along with leading developers to deliver a number of mega-projects which ahead of the World Expo 2020, the largest trade fair of its kind in the world.
Construction work has already started on the main site for the six month long event which will combine science, technology, art, education and cultural exchange with participants from all over the world.
It is widely predicted that the event will attract even more real estate investors to the emirate and also push up the prices of property. The project will see new hotels and residential apartments built with cutting edge designs being used to build on reclaimed land and on the beachside.