Investors poured in about $15.7 billion into Dubai’s property sector in the first three months of 2018, data from Dubai Land Department shows.However, the figure was down by 25% from the same period last year.

Emiratis continued to be the biggest investors in local property as they invested funds worth $1.1 billion across 1,587 transactions.

Indians were the biggest foreign investors with 1,550 transactions worth $817 million.

“Achieving almost AED58 billion ($15.7 billion)in transactions shows strong momentum in the real estate sector for Q1, and we expect this to raise the Q2 transaction index and continue to rally before the end of the year,” said Sultan Butti bin Mejren, Director-General of DLD. “Analysts and experts predict an upsurge as we enter 2019 with unprecedented strength, as many strategic infrastructure projects are due to be completed in Dubai in preparation for Expo 2020,” he added.

According to the report issued by DLD’s Department of Real Estates Studies and Research, Q1 2018 saw a total of 9,092 sales transaction worth about $5.2 billion, 3,717 mortgage transactions worth over $8.3 billion, and 950 other transactions valued at $2.3 billion.

GCC investors carried out about 2,500 transactions worth around $1.6 billion, while 1,067 investors from other Arab countries concluded 1,250 deals worth more than $545 million. Q1 also saw 5,041 foreign investors making more than 5,000 transactions with a total value exceeding $2.7 billion. 

Aside from U.A.E. nationals and Indians, Dubai also saw investors from Saudi, Pakistan, the U.K., China, Egypt, Russia, Jordan and Canada actively investing in the emirate’s property market this first quarter.

In terms of sales, Business Bay topped the list with 973 transactions worth almost 545 million, followed by Dubai Marina with 720 deals worth $373 million. Al Barsha South Fourth came in third place with 681 sales worth 310 million.

Brokers benefited from an increase in demand for Dubai properties and made up to $65 million in the land, building and residential unit sales. The number of real estate permits issued reached 1,773 during the same period, while the number of real estate offices reached 2,165. According to DLD’s statistics, Dubai is now home to a total of 6,177 real estate brokers.

The report also detailed female investors as showing substantial input in the first quarter, with 2,780 investments that exceeded $1.2 billion in value.

Editor's Note: This article was originally published in Forbes Middle East on Sunday April 15th, 2018 http://bit.ly/ForbesMiddleEast_DubaiRealEstate