UAE – Mubasher: The real estate sector in Dubai has achieved positive performance in 2018, boosting the emirate’s GDP growth, according to a report released on Tuesday by the Dubai Land Department (DLD).
Dubai’s GDP grew by 1.9% to AED 398 billion last year, compared to AED 390 billion the year before.
Moreover, the real estate sector’s contribution to GDP growth recorded 13.6% in 2018, up from 6.9% in 2017, DLD’s data showed.
Real estate transactions
Last year, real estate transactions in Dubai reached 53,000, generating a value of AED 223 billion.
“The Business Bay area ranked first in terms of the number of real estate transactions with over 4,000 transactions. It also maintained the first position in transaction value with over AED 11 billion,” the DLD revealed.
Emiratis’ investments dominated Dubai’s real estate market in 2018, with a total value of more than 10 billion, followed by Indians, which pumped AED 8 billion investments into the market last year.
As per DLD’s report, the number of real estate projects completed in Dubai during 2018 equalled 62, including buildings, villas, and villa complexes.
Meanwhile, the number of projects launched in the emirate last year hit 84, comprising 20,000 units.
As for underway projects, their number reached 102 in 2018, expected to deliver 130,000 units.
The rental market
The number of newly-leased contracts in Dubai reached 246,509 last year, while renewed lease contracts amounted to 251,409 in the same period.