New investors lift Dubai’s real estate transactions
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.
Lynnette Abad, director of data and research at Property Finder, said that 30,000 units were completed last year which was a significant increase from the last few years.
“The amount of new supply has brought a plethora of choices for buyers and renters and also caused prices to decline this year to more affordable levels. Leading up to 2020, we will need an abundance of supply to accommodate the expected 25 million visitors, therefore, the number of additional completed units this year will assist with that demand,” Abad said.