Dubai Marina leads property revival in emirate

Dubai Marina has topped the list of freehold areas of Dubai, registering 800 transactions valued at Dh903 million for the first nine months of 2011, according to data provided by Reidin.com.

Emirates Living district witnessed 553 transactions worth Dh673 million, while Palm Jumeirah followed with 307 transactions valued at Dh769 million.
The district comprises the Springs, Meadows, Lakes, Views, Greens Hattan, Ghadeer, Montgomery and Emirates Hills.

Jumeirah Beach Residence saw 295 transactions worth Dh428 million during the period. Although no separate data was available for Business Bay and Downtown Dubai, the two areas jointly reported 494 transactions worth Dh915 million.
The transaction data, provided by Reidin.com, a real estate information company focusing on emerging markets, includes apartments and villas only.

According to propertyfinder.ae, Dubai Marina is the top most searched location on the website. Average sales prices of one and two bedroom apartments, however, have dropped year-on-year by 8 per cent and 11 per cent, respectively.

In October, Mahmoud El Buri, DLD Senior Director of Real Estate Development Department, told this website that the department was expecting total property sales to reach Dh140 billion by year-end, up from Dh123 billion in 2010.

According to Sultan bin Butti bin Mijren, Director General of the Land Department, close to 225 projects are currently in progress in Dubai and will be delivered in the next three years.

Around 217 property projects have been cancelled as of May 31, 2011, the Dubai government’s bond prospectus posted on the London Stock Exchange had revealed in June. The emirate has seen completion of 129 projects since 2009, while 237 out of 450 projects are likely to be completed in due course.

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