Dubai has recorded real estate transactions in 2016 worth AED 259 bn, according to a report released by the Dubai Land Department (DLD) stating that Dubai achieved 60,595 real estate transactions.

The contracts were allocated through 15,000 mortgage transactions that hold a value of AED 128 bn and 41,776 sales transactions worth of AED 103 bn.

Dubai’s real estate market is said to have reached a new phase of growth on stability based on facts from the report, according to CEO of DLD Sultan Butti Bin Merjen who also expected that growth will continue gradually through 2017 and achieve a sustained rate in Expo 2020.

The report expects that Dubai will attain growth in the market through the planned mega projects and preparations for Expo 2020, where developers have begun launching new projects with investment costs exceeding AED 100 bn.

The total real estate investment transactions for 2016 came from 55,928 investors, which included leading investors from UAE nationals as well as 7000 Arabs and foreigners investing around AED 22 bn.