Dubai property transactions up 38pc
Dubai, April 13, 2014
The number of real estate transactions in Dubai surged 38 per cent to Dh61 billion ($16.6 billion) in the first quarter compared to Dh44 billion registered in the same period last year, said a report.
A total of 15,694 real estate transactions were recorded in the first quarter of 2014, an increase in activity of 11 per cent over the same period last year, reported the Emirates 24|7 citing a senior Dubai Land Department (DLD) official.
The statistics showed that there were 11,567 sales activities worth a total of Dh31.5 billion and 3,482 mortgage transactions, worth over Dh28 billion. The other categories accounted for Dh1.7 billion from 636 transactions, thus taking the total value in all categories to more than Dh61 billion.
The sales and mortgages relating to land transactions accounted for the lion's share of the total, with land mortgages valued at Dh24.1 billion and land sales Dh17.4 billion. The sales and mortgages of residential units were worth Dh13 billion and Dh3.1 billion respectively, the report added.
"The results of the first quarter reflect the renewed investor confidence in Dubai and specifically, in the city's real estate sector, which is considered an integral component of the national economy," remarked DLD director general Sultan Butti Bin Merjen.
"We expect the next three quarters to be similarly as active, especially as this period follows the launch of a number of stimulating economic projects in Dubai and the disclosure of some of the preparations for the city's hosting of Expo 2020," he added.