Dubai continued to attract a wealth of investors in 2016 with the sum of real estate investment transactions for the year exceeded AED 91bn ($24.8bn).
As has been the case in previous years, the leading investors were GCC citizens which contributed AED 35bn, according to a new report by the Dubai Land Department (DLD)
The emirates real estate sector recorded a total of AED 259bn ($70.5bn) worth of real estate transactions in 2016.
DLDs report identifies Dubais top five sales areas for 2016 in terms of volume as Business Bay followed by Dubai Marina, Jebel Ali 1, Burj Khalifa and Warsan 1.
In terms of value, the Burj Khalifa area came out on top, having secured over AED 7bn across 2,097 transactions. Following closely behind, the Dubai Marina area recorded 2,937 transactions worth AED 6.3bn. Business Bay secured third place, followed by Jebel Ali 1 and Warsan 1.
Commenting on the report, His Excellency Sultan Butti Bin Merjen, Director General of DLD, said the findings confirm that the Dubai real estate market has reached a new phase of maturity and stability, and that it is moving towards sustainable growth.
Bin Mejren predicts that the market will gain further momentum in 2017, signaling an upward trend for sustained growth in the run-up to Expo 2020.