The property market in Dubai continues to show some definite signs of recovery well ahead of the World Expo that is happening in 2020. The Emirate has seen a total of AED 204 billion for transactions in real estate for this year. Since it has peaked in the year 2014, the prices of real estate properties in Dubai has been experiencing a slump and then bottomed out at the start of 2017.

There are positive signs of recovery that are exhibited by the property market in the Emirate as the sales value of the central neighborhoods that are known for their hefty pricing are enjoying some fantastic high for the first three quarters of this year. These include those properties that surround the world-famous Burj Khalifa, based on a statement released by the government earlier this week.

It has been announced by Dubai’s Land Department that the first nine months of 2017 has set a total of US$55.54 billion or AED 204 billion. This is the total from the overall real estate transactions amounting to 52, 000 which include sales for building, land, home, as well as mortgages.

The recent years have not been very kind to the real estate market in the Emirate due to the regional economic conditions that have been experienced in the area. This has been mainly attributed to the plummeting oil prices as this has indeed put some considerable strain on the purses of the wealthy in Dubai. Since the market has peaked in 2013 to 2014, the prices for residential properties have seen a considerable decline and it bottomed out at the start of this year.

The sector is expected to perform immensely better than how it did in 2016. The volume of real estate transactions totaled to AED 259 billion last year or a total of US 70.52 billion. Data has not been released through on the Emirate’s performance for the first nine months of last year.

According to Sultan Butti Binj Mejren, the market is expected to remain on its current upward trajectory where the growth is sustained. It is also anticipated to see the demand continue to diversify across the various categories in real estate. Dubai Land Department’s director-general also stated that this momentum in the market is driven and sustained by a number of factors especially in the light of the upcoming launch of the Dubai Expo 2020.

Luxury housing and centres of business have drawn the largest volume in the sales exhibited for the first nine months of 2017. First in the rank is Burj Khalifa with a total transaction of 1,650 or a total of AED 6.239 billion. It is one of the highest priced parts of the city. Second on the list is Business Bay. It is directly adjacent to the Burj Khalifa with transactions reaching a total of AED 5.6 billion for the first three quarters of this year. 

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