Dh129b in real estate transactions at DLD in H1

Dubai - Sales accounted for a value of Dh53 billion, while the mortgages accounted more than Dh65 billion, leaving all remaining operations with the total value of Dh10 billion.

The total amount of real estate transactions recorded in Dubai in the first half of 2015 reached Dh129 billion, through 23 thousand transactions, the Dubai Land Department, or DLD, said on Monday.
A report issued by the Real Estate Research and Studies Department of the DLD reveals that sales accounted for a value of Dh53 billion, while the mortgages accounted more than Dh65 billion, leaving all remaining operations with the total value of Dh10 billion.
Sultan Butti bin Mejren, director-general of the DLD, said the report confirmed beyond any doubt that the real estate sector in Dubai is heading towards sustainable growth.
"This can be ascertained from the continual increases from one quarter to the next, which have been a feature of the market over the last two years. In light of the report's findings, investors and developers can have realistic expectations and can formulate effective strategies in the short and medium term to meet the needs of the sector," said Bin Mejren.
The DLD said sales and mortgages relating to land transactions recorded more than Dh106 billion from the total real estate figure for first half, with the total of 8,240 transactions. Commercial lands (already built on) were tops in terms of value for the type of land with 47 per cent in total.
"Looking at the value of transactions by the kind of property, we find that the buildings and units transactions exceeded 15,355 transactions with a total value of Dh20 billion during first half," Bin Mejren said.
The Al Yafra 2 area of Dubai was revealed to be the most attractive for transactions, in terms of land value sales, with the value of its transactions reaching Dh2 billion, as for mortgages of lands, while Al Barsha South 1 came in first through 348 transactions worth of Dh360 million.
The Business Bay area came in first with the value of its transactions reaching Dh2.5 billion. As for mortgages of units, Dubai Marina was tops with Dh1 billion. In terms of buildings, Al Thunaya 4 was No.1 in terms of building sales, with the value of its transactions reaching Dh377 million.
- issacjohn@khaleejtimes.com