Dubai land transactions top $17bn in H1
Dubai, September 26, 2012
The number of land transactions in Dubai during the first half of 2012 increased 21 per cent to Dh63 billion ($17.14 billion), a statement quoting Dubai Land Department said.
Overall the number of property transactions in the first six months of the year increased by 24.5 per cent to 12,521, said the statement from Hamptons Mena.
As per reports of the Real Estate Investment Promotion & Management Centre at the Dubai Land Department, foreign direct investment in the real estate sector of Dubai was more than Dh22 billion in the first half of the year, with investors from around the world purchasing over 12,875 properties, it said.
Hamptons Mena, a full-fledged property services company, recorded a 106 per cent growth in the value of property transactions facilitated by the company in the first half of 2012, compared with the same period last year.
Highlighting the strong growth trends reported in the property sector of Dubai, the number of transactions increased by 69 per cent during the same period, the company said.
Niraj Masand, head of operations at Hamptons Mena, said: “The growth trends recorded by Hamptons Mena are a strong demonstration of the rising market confidence in Dubai’s property sector. The increase in number of buyers, compared with the number of sellers, throughout the year also highlights that the demand-side is stronger, which will have a further positive impact on prices, in turn benefiting the investors."
He added: “Notably, we see highest demand in established communities such as Emirates Living, Dubai Marina and Downtown Dubai, with an average ratio of sellers to buyers at 1:2. There is a significant drop in the number of distress sellers, with the property owners preferring to set the price, leveraging the growing demand for homes. We are confident of a positive growth outlook for the property sector, which has gained significantly from the overall growth of Dubai’s economy led by its core sectors of retail, tourism, hospitality, trade, aviation and logistics.”
Downtown Dubai, the flagship development of Emaar Properties, recorded an increase in the number of transactions by nearly 92 per cent since the third quarter of 2011, the company said.
The demand for property has also been bolstered by increasing availability of home finance, according to the latest report by the Royal Institution of Chartered Surveyors (RICS).
Masand, added: “We expect the market prices for properties in well-established communities to increase in the coming months, led by the continued demand. Prime developments have also witnessed moderate gains in price and rental appreciation, a trend that is projected to continue through the rest of the year.”
Hamptons MENA offers the full spectrum of property services including residential and commercial property sales, residential and commercial leasing and property management, international property sales, valuations, research and feasibility studies.
The diverse array of services offered by Hamptons Mena will be showcased at Cityscape Global, the leading property exhibition to be held from October 2 to 4 at the Dubai International Convention and Exhibition Centre. – TradeArabia News Service