DLD posts $72bn real estate transactions for 2015
The “Al Yafra 2” area of Dubai was revealed to be the most attractive for investors, with the value of its transactions from sales of lands reaching $871m
The total amount of real estate transactions recorded in Dubai in 2015 exceeded $72bn (AED267bn).
According to Dubai Land Department’s (DLD) annual report issued by Real Estate Research and Studies Department, 63719 transactions were made, recording an 8% increase from 2014.
Sales crossed the 48,000 transaction with a total value of $35bn (AED130bn), while mortgages crossed 12,000 with a total value of $31bn (AED117bn).
Commenting on the results, HE Sultan Butti Bin Merjen, director general of DLD, said: "These quarterly reports issued by our experts assure that the Dubai market has reached a stage of wise maturity and rational dealing with the requirements by the various sides in the real estate market. If we look at the moves that have been recorded over the past year details, we can see clearly the optimal policies followed by senior developers to diversify their products and put forward their proposals to acquire full confidence on the part of customers and investors,”
He added: "The market has become has become more innovative, inspired by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, and the developers were keen to boost the new projects with facilities that aim to satisfy the residents. Keeping this momentum for years, proves that the real estate market in Dubai is able to continue to attract investors from around the world, which means that it is still likely to maintain sustainable growth again for years to come."
Sales and mortgages relating to land transactions recorded more than $52bn (AED194bn) from the total real estate figure for 2015, with the total of 16,751 transactions.
The commercial lands (already built on) acquired the majority share in terms of value for the type of land with 40% in total. Looking at the value of transactions by the buildings and units, the transactions exceeded 46,968 transactions with a total value of $19bn (AED72bn) during 2015.
The “Al Yafra 2” area of Dubai was revealed to be the most attractive for investors, with the value of its transactions from sales of lands reaching $871m (AED3.2bn) through 1563 sale transactions. This was followed by “Al Hebeya 3” with a total of 1360 sale transaction worth of $1bn (AED3.9bn), where “Al Yafra 3” followed with 926 transactions worth $462m (AED1.7bn).