Dubai Land Dept. posts $31bn transactions in H1'16
Total land transactions achieved an $23bn (AED84bn) figure, stemming from 7,552 transactions
Dubai Land Department (DLD) announced that the total amount of real estate transactions recorded in the Emirate in the first six months of 2016 reached a total of $31bn (AED113bn), achieved through 28,251 sales, mortgages and other transactions.
The transaction report reveals that property sales contributed towards 43% of the total, with more than 20,000 transactions comprising a total combined value of $13.2bn (AED48.7bn), whilst mortgages came in second crossing a threshold of 6,391 transactions, which formed a total collective value of $13.1bn (AED48.3bn), also acquiring almost 43%.
Other transactions reached $4.3bn (AED16bn) in the form of 1,844 transactions.
Commenting on the results, HE Sultan Butti Bin Merjen, director general of DLD, 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 Dubai property market is witnessing, and proves the attractiveness of the Emirate’s real estate.”
The report reveals that sales relating to land transactions attained over $7.3bn (AED27bn) for the current period, from a total of 4,753 transactions. Mortgages relating to land transactions recorded $11.6bn (AED42.7bn), from a total of 2,377 transactions, with other transactions gained $3.8bn (AED14.3bn) from 422 transactions.
Total land transactions achieved an $23bn (AED84bn) figure, stemming from 7,552 transactions.
When considering the total value of transactions by buildings and units, it surpassed 20,699 transactions, worth $7.6bn (AED28bn) during the first half of 2016.
Furthermore building sales accomplished 1,125 transactions with a total of $816bn (AED3bn), whilst unit sales crossed the $6.5bn (AED24bn) mark, amounting from 19,033 transactions.
On the other hand, 488 mortgage transactions were completed for buildings which together achieved a total combined amount of more that $272m (AED1bn), whilst the market saw 3,526 mortgage transactions of units, together reaching a total collective amount of $1.2bn (AED4.5bn).