Dubai Land Deals Hit Dhs108bn In H1 2013

The value of real estate transactions rose 30 per cent on the same period last year.



The Dubai Land Department (DLD) has announced that around 30,469 transactions worth Dhs108 billion were completed in the first half of the year, up 30 per cent from the same period last year.

According to the figures, the number of sales transactions in the last six months totalled 22,748 with a value of Dhs52.8 billion representing a 49 per cent growth figure. Mortgages accounted for Dhs51.3 billion, representing 47 per cent growth with 6,050 transactions.

Other transactions in the last six months, amounted to 1,671 and were worth Dhs4.3 billion

Sultan Bin Mejren, director general of LD, said that the growing percentage of growth reflects the investor interest in Dubai owing to the launch of various real estate projects.

“Investors continue to capitalize on opportunities that have risen as a result of price corrections witnessed in the market over the past two years,” he said.

Al Thenaya Al Khamesa topped the region for transactions and total value with Dhs3bn through 738 sales, while mortgages reached Dhs1bn from 318 transactions.

The Dubai Marina took the lead in terms of value and amount of sales on apartments, with Dhs6.6bn over 3,748 transactions.

With the real estate market in upswing, rents and sale prices are creeping up in Dubai. The value of Q1 2013 real estate transactions reached Dhs44 million, up 63 per cent from Q1 2012.

Mejren hopes that this recovery, backed by the rent hike in commercial and residential units, will help encourage more investment in the emirate.