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Dubai Land Department’s released its annual report on Saturday, and it showed real estate transactions recorded in the emirate last year exceeded Dh267 billion.
The report showed an 8 per cent increase compared to last year with 63719 total transactions.
Sultan Butti Bin Merjen, Director General of DLD, 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 details, 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 has become more innovative, inspired by the vision of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE 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 the sales crossed the 48,000 transaction with a total value of Dh130 billion, while mortgages crossed 12,000 with a total value of Dh117 billion.
Sales and mortgages relating to land transactions recorded more than Dh194 billion from the total real estate figure for 2015, with the total of 16,751 transactions. The commercial lands (already built on) acquired the lion share in terms of value for the type of land with 40% in total. Looking at the value of transactions by the buildings and units, we find that the transactions exceeded 46,968 transactions with a total value of Dh72 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 Dh3.285 billion through 1563 sale transaction. This was followed by Al Hebeya 3 with a total of 1360 sale transaction worth of Dh3.950 billion, where “Al Yafra 3” followed with 926 transactions worth Dh1.710 billion.
Business Bay took first place in unit sales, with 3212 transaction with the value of Dh4.953 billion, followed by “Al Hebiya 4” with 3080 transactions with the value of Dh2.573 billion, while Dubai Marina came in at third with 3059 transactions with the value of Dh6.240 billion.
With regards to buildings, Al Yalayis 2 were the most prominent with total of 1022 transaction with the value of Dh1.354 million, followed by Al Yalayis 1 sales with total of 425 transaction with the value of Dh785 million, while Shaikh Mohammad Bin Rashid Gardens came in third with total of 371 transaction with the value of Dh1.007 billion.
Al Barsha South 1 came on top in terms of mortgages transactions for lands, with 387 mortgage transaction with total value of Dh415 million, followed by Al Thunaya 5 with 399 mortgage transaction with total value of Dh1.377 billion, while Al Thunaya 4 came in third with 249 mortgage transaction with total value of Dh1.902 billion.
Dubai Marina came on top in terms of mortgages transactions for units, with 927 mortgage transaction with total value of Dh1.788 billion, followed by Business Bay with 814 mortgage transaction with total value of Dh1.821 billion, while Al Thunaya 4 came in third with 739 mortgage transaction with total value of Dh911 million.
In terms of buildings, Al Thunaya 4 came on top in terms of mortgages transactions, with 284 mortgage transaction with total value of Dh526 million, followed by Wadi Al Safa 6 with 175 mortgage transaction with total value of Dh349 million, while Al Barsha South 4 came in third with 92 mortgage transaction with total value of Dh158 million.
Source: Staff Report, gulfnews.com