Dubai: 2016 property transactions exceed $70.5bn

More than 41,776 sales transactions took place in 2016, representing a total value of $28bn (AED103bn)

Real estate transactions worth $70.5bn were recorded in Dubai last year. [Representational image]
Real estate transactions worth $70.5bn were recorded in Dubai last year. [Representational image]

The value of property transactions conducted in Dubai last year exceeds $70.5bn (AED259bn), the emirate's real estate authority has announced.

Up to 60,595 real estate transactions were recorded in 2016.

Sultan Butti Bin Mejren, Dubai Land Department’s (DLD) director-general, said in the agency's annual report that these numbers acknowledge the new phase of maturity that the emirate's property market has reached.

Bin Mejren said he predicts that the real estate market in Dubai will gain momentum in 2017, signalling an upward trend for sustained growth in the run-up to Expo 2020.

The annual report was issued by DLD's Real Estate Research and Studies Department. 

More than 41,776 sales transactions took place in 2016, representing a total value of $28bn (AED103bn), while 15,000 mortgage transactions carried out last year were worth $34.9bn (AED128bn), Dubai Media Office reported.

Land sales and mortgage transactions represented a total value of $52.5bn (AED193bn) across 15,994 transactions. 

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