Dubai real estate transactions reach Dh 113 billion in H1 2016, says Dubai Land Department
Dubai Land Department’s (DLD) Transactions Report, issued by Real Estate Research and Studies Department, has announced that the total amount of real estate transactions recorded in the Emirate in the first six months of the current year reached a total of AED 113 billion, achieved through 28,251 sales, mortgages and other transactions.
The report reveals that property sales contributed towards 43% of the total, with more than 20,000 transactions comprising a total combined value of AED 48.715 billion, whilst mortgages came in second crossing a threshold of 6391 transactions, which formed a total collective value of AED 48.366 billion, also acquiring almost 43%. Other transactions reached AED 16 billion in the form of 1,844 transactions.
Commenting on the results, HE Sultan Butti Bin Merjen, Director General of DLD, said: “Dubai has achieved a high percentage of growth, with the value and the number of real estate transactions, which provides reassurance about the positive development that the Dubai property market is witnessing, and proves the attractiveness of the Emirate’s real estate.”
Bin Mejren added that such periodic reports ascertain a number of facts which substantiate DLD’s commitment to high standards of transparency and credibility, which helps developers and investors to formulate long-term strategies. These figures substantiate Dubai’s position as a foremost attractive destination for investments across the region and around the world.
The report reveals that sales relating to land transactions attained over AED 27 billion for the current period, from a total of 4,753 transactions. Mortgages relating to land transactions recorded AED 42.751 billion, from a total of 2,377 transactions, with other transactions gaining AED 14.399 billion from 422 transactions. Total land transactions achieved an AED 84 billion figure, stemming from 7,552 transactions. Previously built-upon commercial lands acquired the lions’ share of value with 46% in total.
When considering the total value of transactions by buildings and units, we find that these surpassed 20,699 transactions with a total value of AED 28 billion during the first half of 2016. Furthermore building sales accomplished 1125 transactions with a total of AED 3 billion, whilst unit sales crossed the AED 24 billion mark, amounting from 19,033 transactions. On the other hand, 488 mortgage transactions were completed for buildings which together achieved a total combined amount of more that AED 1 billion, whilst the market saw 3,526 mortgage transactions of units, together reaching a total collective amount of AED 4.5 billion.
The ‘Seeh Shuaib 1’ area of Dubai was revealed to be the most attractive for investors, with the value of its transactions from sales of lands reaching AED 2.364 billion through 1,227 deals. This was followed by ‘Sheikh Mohammed Bin Rashed Gardens’ with a total of 406 transactions worth AED 1.971 billion, followed by ‘Al Yafra 3’ with 387 transactions worth AED 622 million.
Business Bay took first place for total unit sales, with 1643 transactions with a combined value of AED 2.349 billion, followed by ‘Dubai Marina’ with 1392 transactions with a collective worth of AED 2.893 billion, whilst ‘Warsan 1’ came in at third with 999 transactions with a value of AED 454 million.
With regards to buildings, ‘Sheikh Mohammed Bin Rashed Gardens’ achieved the most prominent number with a total of 463 sales transactions with a value of AED 1.173 million, followed by ‘Al Thunaya 4’ with total of 141 sales realising a combined worth of AED 315 million, whilst ‘Al Yalayis 1’ came in third with total of 132 transactions valued at AED 219 million.
Source: Dubai Land Department