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Dubai’s real estate transactions recorded Dh129 billion through 23,000 transactions in the first half of 2015. Mortgages accounted for more than Dh65 billion.
These statistics released by Dubai Land Department’s (DLD) annual report issued by Real Estate Research and Studies Department show that land sales and mortgages recorded more than Dh106 billion for the first half of 2015, with a total of 8,240 transactions.
“This can be ascertained from the continual increases from one quarter to the next, which have been a feature of the market over the last two years. In light of the report’s findings, investors and developers can have realistic expectations and can formulate effective strategies in the short and medium-term to meet the needs of the sector,” said Sultan Butti Bin Mejren, The General Director of Dubai Land Department.
The report discussed percentages for each land sector in terms of transactions. Commercial land transactions accounted for the most at 47 per cent. There were over 15,355 property, lands and building transactions, raising their total value to Dh20 billion during the first quarter of 2015.
The report said that Al Yafra 2 area in Dubai is the most attractive in terms of land value with transactions there touching Dh2 billion. As for Al Barsha South 1, the most attractive in terms of land mortgages, transactions were worth Dh360 million.
Business Bay area witnessed the highest number of transactions with a value of Dh2.5 billion for unit sales. Dubai Marina had the highest transactions for mortgages of units, the value put at Dh1 billion. Al Thunaya 4 recorded the highest figure in terms of building sales, with the value of transactions reaching Dh377 million, while mortgages of buildings accounted for Dh246 million.
Source: Staff Report, gulfnews.com