Dubai real estate deals top $64bn in 2013

Dubai property transactions rise 53% amid continued market rebound

NEWS, Projects, Dubai Land Department

Dubai Land Department has said that the total amount of real estate transactions in Dubai exceeded AED236 billion ($64.2bn) in 2013, up from AED154bn ($41.9bn) in the previous year.

A report released by the state entity's real estate sector development department recorded AED166bn worth of land mortgages and sales and AED62bn of housing unit mortgages and sales for the year, with the total number of transactions jumping 53% on 2012 to hit 63,652.

Compared with 2012 data, the figures represent an increase in turnover of 53%, the Land Department added in a statement.

Sultan Butti Bin Merjen, director general of the Land Department, said: "The transaction figures for 2013 reveal a high level of optimism currently prevailing in the real estate market.

"These can be attributed to the new regulations and procedures issued during the past year, which have contributed to the strengthening of trust and confidence between the various categories of investor.
"We are anticipating a further rise in the growth index this year, boosted by Dubai's winning bid to host World Expo 2020."

Sales and mortgages relating to land transactions accounted for the lion's share (70%) of the total real estate figure for 2013.

The Al Thenaya Al Khamesa area of Dubai was revealed to be the most attractive for investors, with transactions from sales and mortgages reaching AED9bn.

This was followed by Al Barsha South 5, Al Hibiya 3, Al Barsha South 4 and Wadi Al Safa 5.

Dubai Marina was ranked first for apartment sales and mortgages, with the value of transactions equating to AED15.6bn, followed by Al Thenaya Al Khamesa, Burj Khalifa, Al Warsan 1 and Business Bay.



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