Real estate transactions increased by 8% in 2019 over 2018, with over 57,000 transactions
Dubai Land Department (DLD) recently released its annual report titled ‘Real Estate Sector Performance 2020,’ on the side-lines of the just-concluded International Property Show and Invest in Dubai Real Estate.
Through this report, DLD provides a comprehensive tool for customers in the sector, allowing them to familiarise themselves with the most important results achieved, affirming DLD’s efforts to achieve its vision to position Dubai as the world’s premier real estate destination.
The growth rate achieved in the number of real estate transactions reached 8% in 2019 with over 57,000 real estate transactions, compared to over 52,000 real estate transactions in 2018.
“With the report, customers can learn about the latest developments in the real estate market and benefit from the information and data included to make informed investment decisions related to buying, selling, investing and entering into partnerships,” commented Sultan Butti Bin Mejren, Director General, DLD.
“Our teams have used an ample amount of data for the various types of recorded behaviours, paving the way for an analysis of the operational performance indicators of the sector and preparing the report based on a comprehensive editorial approach,” remarked Majida Ali Rashid, CEO, Real Estate Promotion and Investment Management sector, DLD.
Key economic tributary
Dubai’s real estate sector represents one of the main economic sectors in economic growth, and it actively contributes to the growth of its economy. Over the past years, the emirate has achieved record rates of economic growth driven by the economic initiatives and packages that the Dubai Government is undertaking to raise economic growth and stimulate various economic sectors.
The value of Dubai’s GDP reached AED 407bn in 2019 compared to AED 389bn in 2018, with a growth rate of 2.2%.
The value of real estate transactions reached approximately AED 226bn in 2019, compared to AED 221bn in 2018, with a growth rate of 2.1%. This improvement in the value of real estate transactions is due to the remarkable growth in the value of both sales and mortgages, where the value of sales reached AED 81bn in 2019, compared to AED 77bn in 2018, with a growth rate of approximately 5%.
