Indians buy Dubai properties worth AED3 billion in first 3 months of 2018

DUBAI: Nearly 1,400 Indians bought properties worth AED 3 billion in Dubai in the first quarter of this year, data released by the Dubai Land Department showed. Indians came only second to the UAE nationals who were on the number one slot, investing AED4 billion. Indians were followed by Saudis while a new trend of Chinese investments into Dubai real estate was also visible. Chinese were at the sixth position.

Dubai Land Department (DLD) has revealed that real estate transactions in Dubai for the first three months of 2018 (Q1 2018) totalled AED 58 billion through 13,759 transactions.

According to the report issued by DLD’s Department of Real Estates Studies & Research, Q1 2018 saw a total of 9,092 sales transaction worth about AED 19 billion, 3,717 mortgage transactions worth over AED 30.6 billion, and 950 other transactions valued at AED 8,408 billion.

Sultan Butti bin Mejren, Director General of DLD, said the Dubai real estate market continues to show growth, driven by general optimism and confidence by real estate investors. Bin Mejren added: “Achieving almost AED 58 billion of transactions shows strong momentum in the real estate sector for Q1, and we expect this to raise the Q2 transaction index and continue to rally before the end of the year. Analysts predict an upsurge as we enter 2019 with unprecedented strength, as many strategic infrastructure projects are due to be completed in Dubai in preparation for Expo 2020.”

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