Dubai has topped 2016’s real estate transactions list, and with plenty of infrastructure projects in the pipeline, growth is expected to outstrip the United Arab Emirates average.
Dubai has again been named the leading destination for real estate by global property consulting firm CBRE in its recently report, In and Out Middle East, which covers commercial real estate investment flows in and out of the region.
Dubai Land Department’s Transactions Report recorded real estate transactions with more than $43bn in the first eight months of 2016. More than 38,800 sales, mortgages and other transactions were noted; in June, July and August alone, there were more than 15,493 transactions with a combined value of $16.47bn.
The emirate’s GDP growth, projected at 4% between 2017 and 2020, is expected to outpace the United Arab Emirates economy as a whole, whose growth for 2016 is predicted to be 2.5%. Dubai has benefited from the large-scale infrastructure projects announced by the government, and the mega-projects associated with Dubai Expo 2020.