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Dubai land transactions hit $35bn in H1

DUBAI, July 28, 2015

Dubai Land Department (DLD) recorded a total of 23,000 property transactions valued at Dh129 billion ($35 billion) in the UAE emirate during the first half (H1) of the year, said a report.

According to the report issued by Real Estate Research and Studies Department, sales accounted for a total value of $14.4 billion, while the mortgages accounted more than $17.7 billion, leaving all other operations with the total value of $2.7 billion.

Sultan Butti Bin Mejren, director general of Dubai Land Department, said: "The report confirms beyond any doubt that the real estate sector in Dubai is heading towards sustainable growth.”

“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.

“The reliable data in the report is far removed from fallacious information about the market that certain parties are trying to broadcast in order to achieve personal gain,” he added.

Sales and mortgages relating to land transactions recorded more than $28.9 billion from the total real estate figure for H1 2015, with the total of 8,240 transactions.

The commercial lands (already built on) acquired the lion share in terms of value for the type of land with 47 per cent in total.

For unit sales, Business Bay area came in first with the value of its transactions reaching $680 million, while Dubai Marina claimed the top spot for mortgage of units with transactions value reaching $250 million.

Tags: Mortgage | Dubai Land | Real estate transactions |

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