Dubai Middle East Real Estate Property Market News:
The Dubai Land De- partment (DLD) has recorded more than Dh61 billion worth of real estate transactions in the first quarter, an increase of 38 per cent over the same period last year when the emirate registered Dh44 bil- lion worth of property deals.
The announcement was made following the release of a financial report from the DLD’s Real Estate Sector De- velopment Department.
“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 com- ponent of the national econ- omy,” said Sultan Bin Butti Bin Mejren, Director General of the DLD.
“We expect the next three quarters to be similarly as active, especially as this pe- riod 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 the World Expo 2020.”
The DLD’s report revealed that a total of 15,694 real estate transactions were recorded in the first quarter, an 11 per cent increase in activity over the same period last year. There were 11,567 sales activities worth Dh31.5 billion and 3,482 mortgage transactions worth more than Dh28 billion. Other categories accounted for Dh1.7 billion and 636 transactions.
Land sales and mortgages accounted for the lion’s share of the total figure, with land mortgages valued at Dh24.1 billion and land sales Dh17.4
billion. Residential sales and mortgages were worth Dh13 billion and Dh3.1 billion respectively. Transactions involving buildings came in at third, with Dh946 million in sales and Dh810 million in mortgages.
There was an 81 per cent increase in the number of investors compared to the same period last year.
“The figures issued by the DLD’s Real Estate Sector Development Department confirm the increased activity in the city’s real estate sector,” said Bin Mejren. “They prove that Dubai is attracting property ownership, whether for long-term investment or for personal housing needs. We anticipate this heightening of activity to continue over the coming years, with property buyers achieving good returns on their real estate investments.
“We believe that these returns will be significantly greater than those from other economic sectors.”
The DLD also revealed that Al Hibiya 3, Dubai Marina and Al Thenaya Al Rabe’a were the most attractive areas for selling land, buildings and residential units. Al Thenaya Al Khamesa was top in land mortgages and Thenaya Al Rabe’a was highest in building mortgages.
Source: Property Weekly, gulfnews.com
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