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The real estate sector contributed 13.6% to Dubai’s GDP growth in 2018 compared to 6.9% in 2017, whilst the construction sector’s contribution reached 6.4% in 2018 compared to 6.2% in 2017, Dubai Land Department (DLD) said its Annual Report: Real Estate Sector Performance 2019.
DLD registered 53,000 transactions worth AED 223 billion, with overall investments recorded at AED 80 billion through more than 41,000 investments made by over 31,000 investors from around the world.
Business Bay ranked first in terms of the number of real estate transactions with over 4,000 recorded, valued at AED 11 billion. It also maintained the first position in transaction value at over AED 11 billion.
The report highlighted that the share of individual investors decreased from 62.8% in 2017 to 59.8% in 2018, whilst the number of corporate investors grew to 40.2% in 2018 from 37.2% in the previous year.
Emiratis made the most investments in Dubai in 2018, worth AED 10 billion, followed closely by Indians, who invested worth AED 8 billion.
In terms of the real estate projects activity, 62 projects were completed in 2018, with buildings comprising 74%, villas 15%, and villa complexes 11%. There were 84 new projects launched in 2018, comprising 20,000 units across villas, buildings, and land plots. In the first five months of 2019, 48 real estate projects comprising residential apartments, villas and villa complexes were launched.
Sultan Butti bin Mejren, Director General of DLD, said: “Though the real estate sector reflects the development achieved by the emirate across all fields, it does not come without its challenges. On the one hand, we have to continue this momentum, which has been achieved through promotional initiatives at the local and global level through our exhibitions in prominent Arab and international capitals. On the other hand, we should ensure transparent communication and openness to all investors and other parties in this sector.”
Cavendish Maxwell is the MENA region’s leading firm of property consultants and chartered surveyors. If you are looking for professional real estate consultation or advice on property related matters, please view our services.
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