Dubai property transactions post $3bn in 15 days
During the first 15 days of 2017, land plots recorded 520 transactions worth $2bn (AED7.5bn)
Dubai’s real estate market generated transactions worth $3.2bn (AED12bn) during the first 15 days of January 2017, according to the latest report issued by Dubai Land Department (DLD).
HE Sultan Butti Bin Mejren, director general of DLD, said: "The growth achieved in the fourth quarter of 2016 has paved the way for sustained growth at the outset of the new year. By studying the index at the end of last year, DLD predicted that the market would enter a new phase of momentum and growth in 2017, as investor trust is building and certain areas of the city are attracting new interest from a variety of buyers."
The fourth quarter of 2016 witnessed major transactions in many areas. Two land plots in Al Hebiya 4 were sold for $245m (AED900m), while another land plot in the same area was valued at $204m (AED750m).
Buildings also recorded high transaction numbers during this period; in Dubai Marina, two buildings were sold for a total of $4.6m (AED17m), while a building in Al Thunaya 4 was sold for $2m (AED7.4m).
In terms of units, Dubai Marina recorded the highest value transaction of $8m (AED29.7m), while two units in Al Thunaya 4 were valued at up to $7.7m (AED28.3m) each.
During the first 15 days of 2017, land plots recorded 520 transactions worth $2bn (AED7.5bn), while land sales claimed the majority share in terms of volume, generating 306 transactions worth over $86m (AED3bn). Mortgages, in terms of value, reported 190 transactions worth $1bn (AED4bn).
Bin Mejren commented: "DLD’s report reveals that there is high demand across various areas of the emirate. This is thanks to the variety of properties presented by senior developers, who are eager to align themselves with the government’s plans to meet investment needs, and ready the city to receive Expo 2020.”