Total real estate transactions in Dubai touched Dh113 billion in the first six months of 2016 after recording Dh55 billion in the first quarter.
In a transaction report, issued on Tuesday, Dubai Land Department (DLD) said a total of 28,251 sales, mortgages and other transactions were registered during the period with property sales and mortgages – both contributing 43 per cent individually – amounting to Dh48.715 billion (over 20,000 transactions) and Dh48.366 billion (6391 transactions), respectively. Another 1,844 transactions totalled Dh16 billion.
Sales relating to land transactions touched Dh27 billion from 4,753 transactions, while mortgages for land registered 2,377 transactions of Dh42.751 billion. Other transactions (422) were valued at Dh14.399 billion, as total land transactions reached Dh84 billion.
In terms of the total value of transactions by buildings and units, 20,699 transactions were registered, valued at Dh28 billion. Building sales reached 1,125 transactions worth Dh3 billion, while unit sales crossed Dh24 billion from 19,033 deals. On the other hand, 488 mortgage transactions were completed for buildings valued at over Dh1 billion, and unit mortgage deals numbered 3,526 worth Dh4.5 billion.
Business Bay took first place in the list of unit sales, totalling 1,643 transactions of Dh2.349 billion, followed by Dubai Marina with 1,392 transactions worth Dh2.893 billion. Warsan 1 came in at third with 999 transactions worth Dh454 million.
Seeh Shuaib 1 was the most attractive for investors, with the value transactions from land sales reaching Dh2.364 billion through 1,227 deals. This was followed by Sheikh Mohammed Bin Rashid Gardens with a total of 406 deals of Dh1.971 billion, followed by Al Yafra 3 with 387 transactions of Dh622 million.
On the growth track
DLD Director-General Sultan Butti Bin Merjen 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 property market is witnessing, and proves the attractiveness of the emirate’s real estate. 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,” he added.