Dubai recorded AED54,782bn ($14.9bn) of real estate transactions in the first quarter of 2016.
In its quarterly update, the Dubai Land Department (DLD) said that the $14.9bn of transactions included 8,440 sales and 3,213 mortgage transactions, as well as 915 “other” transactions.
Sales and mortgages related to land transactions totalled AED42,729bn ($11.6bn), with commercial property taking the lion’s share of deals by value, with AED12,053bn from 8,892 transactions.
The Seeh Shoaib area of Dubai was the most popular for land sales, DLD said, followed by Al Hibiya 3 and Al Yafra 3. For land mortgage transactions, Al Thunaya 5 was top, followed by Al Hebiya 3 and Al Thunaya 4.
Meanwhile, Dubai Marina was the most popular for real estate unit sales, followed by Burj Khalifa and Business Bay. Dubai Marina also took the top spot for unit mortgages followed by Muaisem 1 and Business Bay.
DLD’s report also recorded investment transactions, revealing that the sum of real estate investment transactions reached AED25bn ($6.8bn) in Q1 2016.
A total of 11,353 investors from 127 nationalities invested in Dubai’s property sector during the period, DLD said. Of this, GCC nationals contributed AED9bn ($2.4bn) - Emirati investment accounted for the lion’s share with AED6.1bn ($1.6bn) of transactions, while Saudi Arabians came second with AED1.8bn of transactions ($490m), followed by Kuwaitis.
Arab investors from outside the GCC made more than AED3bn ($820m) of investments in the Dubai real estate sector, while other foreign nationals contributed more than AED12bn ($3.27bn), DLD said.
In January the DLD announced that the total value of real estate transactions in Dubai exceeded AED267bn ($72.7bn) during 2015, a 22 percent jump on the previous year.