DUBAI, 11th January, 2016 (WAM) -- Dubai Land Department’s annual report issued by the Real Estate Research and Studies Department has announced that the total amount of real estate transactions recorded in the emirate last year exceeded Dh 267 billion, through 63,719 transactions, showing an 8% increase compared to last year.
Commenting on the results, Sultan Butti Bin Merjen, Director-General of the Dubai Land Department, said, "These quarterly reports issued by our experts assure that the Dubai market has reached a stage of wise maturity and rational dealing with the requirements by the various sides in the real estate market. If we look at the moves that have been recorded over the past year, we can see clearly the optimal policies followed by senior developers to diversify their products and put forward their proposals to acquire full confidence on the part of customers and investors."
Bin Mejren added, "The market has become more innovative, inspired by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, and the developers were keen to boost the new projects with facilities that aim to satisfy the residents. Keeping this momentum for years proves that the real estate market in Dubai is able to continue to attract investors from around the world, which means that it is still likely to maintain sustainable growth again for years to come."
In details, the report reveals that sales crossed the 48,000 transaction mark with a total value of Dh 130 billion, while mortgages amounted to 12,000 with a total value of Dh 117 billion.
Sales and mortgages relating to land transactions recorded more than Dh 194 billion from the total real estate figure for 2015, with a total of 16,751 transactions. Commercial lands (already built on) acquired the lion's share in terms of value for the type of land with 40% in total. Looking at the value of transactions by buildings and units, the transactions exceeded 46,968 with a total value of Dh 72 billion during 2015.
The "Al Yafra 2" area of Dubai was revealed to be the most attractive for investors, with the value of its transactions from sales of lands reaching Dh 3.285 billion through 1,563 sale transactions. This was followed by "Al Hebeya 3" with a total of 1,360 sale transactions worth Dh 3.950 billion, and "Al Yafra 3" followed with 926 transactions worth Dh 1.710 billion.
Business Bay took first place in unit sales, with 3,212 transactions valued at Dh 4.953 billion, followed by "Al Hebiya 4" with 3,080 transactions valued at Dh 2.573 billion. Dubai Marina came in third with 3,059 transactions at a value of Dh 6.240 billion.
With regards to buildings, "Al Yalayis 2" was the most prominent with a total of 1,022 transactions valued at Dh 1.354 million, followed by "Al Yalayis 1" sales with 425 transactions worth Dh 785 million. "Sheikh Mohammed Bin Rashid Gardens" came in third with total of 371 transactions with a value of Dh 1.007 billion.
"Al Barsha South 1" came out on top in terms of mortgage transactions for land, with 387 mortgage transactions at a value of Dh 415 million, followed by "Al Thunaya 5" with 399 transactions valued at Dh 1.377 billion. "Al Thunaya 4" came in third with 249 mortgage transactions with a total value of Dh 1.902 billion.
"Dubai Marina" came on top in terms of mortgage transactions for units, with 927 mortgage transactions with a total value of Dh 1.788 billion, followed by "Business Bay" with 814 mortgage transactions valued at Dh 1.821 billion. "Al Thunaya 4" came in third with 739 transactions with a total value of Dh 911 million.
In terms of buildings, "Al Thunaya 4" came on top in terms of mortgage transactions, with 284 mortgage transactions with a value of Dh 526 million, followed by "Wadi Al Safa 6" with 175 mortgage transactions at a total value of Dh 349 million. "Al Barsha South 4" came in third with 92 mortgage transactions with a total value of Dh 158 million. – Emirates News Agency, WAM - http://www.wam.ae/en/news/economics/1395290113825.html