New investors lift Dubai’s real estate
Dubai witnessed significant increase in real estate transactions and investments in the first five months of 2019 with more than half – 57 per cent – of the fresh investments coming from new investors, official figures showed on Tuesday.
The latest data reflects that the emirate’s real estate is on course to surpass last year’s investments and property deals. Total value of real estate transactions in the emirate grew 12 per cent to Dh106 billion compared to Dh95 billion in 2018, the Dubai Land Department said in its annual report.
During the January-May 2019 period, 48 new projects were launched ranging between residential apartments, villas, and villa complexes which will add 8,000 new residential units, Dubai Land Department said in its 2018 annual report released on Tuesday.
In terms of real estate project growth, the first five months of 2019 witnessed the launch of 48 new real estate projects, which are expected to represent a new addition to the real estate sector. These projects ranged between residential apartments, villas, and villa complexes.
In 2018, around 53,000 transactions worth Dh223 billion were signed with overall investments recording Dh80 billion through more than 41,000 investments by over 31,000 investors from around the world. Despite a decline in property prices, the sector’s contribution doubled to 13.6 per cent in 2018 from 6.9 per cent in the previous year.