DLD posts $50.6bn property transactions in 9M 2015
Sales transactions accounted for $21.2bn (AED78bn), while mortgages accounted for around $25.5bn (AED94bn)
Dubai Land Department (DLD) has revealed its total real estate transactions in the emirate reached $50.6bn (AED186bn) during the first nine months of 2015.
The sales transactions accounted for $21.2bn (AED78bn), while mortgages accounted for around $25.5bn (AED94bn), according to the Real Estate Research and Studies Department.
Meanwhile, sales tranactions from all remaining operations accounted for $3.8bn (AED14bn)
Commenting on the results, HE Sultan Butti Bin Mejren, director general of Dubai Land Department, said: "This report shows once again sustainable growth enjoyed by the real estate sector in Dubai, especially since the increase in supply is in harmony with the increase in demand for various real estate activities categories, including residential units, office space allocated for industrial purposes and installations, as well as growth in the development of hotel projects of various degrees,"
"Such numbers reassures investors, and maintain market momentum and its ability to pump new investments, specially with projects that help Dubai to prepare for Expo 2020. As the market is now is enjoying sustainable growth, we will see rewarding increases in the sales and rental prices, which means ensuring the satisfaction of all the players in the market," Mejren added.
Looking at the transactions, sales reached 22,389 transactions acquiring 42% from the total lands transactions, as mortgages acquired 50% leaving 8% for other transactions.
Looking at the lands transactions, the commercial lands acquired the maximum share in terms of value for the type of land with $17.3bn (AED63.7bn), followed by empty lands for other purposes with a total amount of $6.2bn (AED23bn).
Along with that, the empty lands for commercial purposes with $6.1bn (AED22.6bn), while empty lands for residential purposes acquired almost $5.4bn (AED20bn). Other lands with residential buildings accounted $4.7bn (AED17.5bn), while lands for other purposes acquired $1.6bn (AED6.2bn).