Summer does not get in way of deals in Dubai realty

The summer months have not proved to be as much of a drag on Dubai’s land and property sales, with the tally at the end of eight months totalling Dh158.54 billion. It was just over Dh113 billion in the first-half, according to data released by Dubai Land Department on Sunday.

“There is a marked improvement in activity in comparison with the same period last year,” said Sultan Butti Bin Merjen, Director-General. In all, after eight months, there were 38,838 sales, mortgages and other transactions.

If the transactions were narrowed to June, July and August alone, there were 15,493 deals that buyers and sellers struck, making up a value of Dh60.5 billion.

Property sales accounted for 46 per cent of the total, with more than 28,077 transactions and a combined value of Dh71 billion. Mortgages came to total 8,482 transactions, for a collective value of Dh66 billion. Other transactions came to Dh20.5 billion from of 2,279 transactions.

“There are a lot of positive signs, which collectively demonstrate how the Dubai market is drawing great strength from a number of big infrastructure projects announced by the government,” Bin Merjen said.

Deals related to land transactions attained over Dh115 billion from 10,054 transactions. Mortgages relating to land transactions were Dh58.5 billion (from 3,128 transactions), and sales transactions pulled in Dh38 billion (6,341 transactions).

Business Bay took first pride of place when it comes to total unit sales, followed by Dubai Marina, Burj Khalifa, Jebal Ali and Warsan 1.




Source: Staff Report, GN


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