News
UAE lands in world top five
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The UAE has jumped 23 places to notch the fourth position among the most-active land markets worldwide in the first half of 2008, as global sales reached $64 billion (Dh235bn) during the period, new data revealed yesterday.
China topped the list with 44 per cent of global land sales, which were valued at $28.2bn, followed by India and the United States with $4.5bn and $3.8bn, respectively.
Development site transactions in the UAE reached $3.7bn, claiming 5.8 per cent share of the global market, and increasing 1,348.6 per cent compared with the same period last year, New York-based research firm Real Capital Analytics (RCA) said in its mid-year review.
The landscape, however, remains mixed with the Americas registering a drop of 39 per cent as values sank, while Europe, Middle East and Africa (Emea) saw a 71 per cent jump in land sales due to expansion in several developing markets including such as the UAE, Russia and Romania. Asia's moderate 14 per cent growth contained the lion's share of sales worldwide at $43bn through June 30.
Transactions of significant commercial properties totalled $306bn globally, with nearly 9,000 properties sold in the first half of 2008.
By either measure, sales were half the levels recorded in the first half of 2007.
A 60 per cent fall in transactions of major portfolios and an 85 per cent drop in entity-level transactions exacerbated the decline. In comparison, sales of individual properties were off 33 per cent in these six months.
"The credit crunch and slowing economy halved commercial property sales in the first half of this year compared to the first half of 2007, when neither were yet a factor. Overall, emerging markets have accounted for 25 per cent of all property sales this year, up from just 10 per cent a year ago," the report said.
Overall, 49 of the 84 countries tracked posted lower property sales this year compared with 2007.
Dubai deals cross Dh144bn
The total value of land transactions in Dubai has crossed Dh144.3bn in the first six months of the year compared with Dh175bn for all of 2007, Land Department figures revealed.
There were a total of 4,389 cash sales worth Dh53.79bn, 2,184 mortgage transactions worth Dh84.19bn, and 201 donations of land and property worth Dh6.29bn.
The sales transactions were registered across 103 districts of Dubai, as 82.03 million square feet of land was sold.
There were 4,323 transactions involving sale of 127.32m square feet of open spaces for Dh129.17bn, while there were 4,474 transactions involving the sale of 30.43m square feet of developed land.
Sheikh Zayed Road was the top area, followed by The Palm Jumeirah, Al Jadaf and Al Warsan.
China topped the list with 44 per cent of global land sales, which were valued at $28.2bn, followed by India and the United States with $4.5bn and $3.8bn, respectively.
Development site transactions in the UAE reached $3.7bn, claiming 5.8 per cent share of the global market, and increasing 1,348.6 per cent compared with the same period last year, New York-based research firm Real Capital Analytics (RCA) said in its mid-year review.
The landscape, however, remains mixed with the Americas registering a drop of 39 per cent as values sank, while Europe, Middle East and Africa (Emea) saw a 71 per cent jump in land sales due to expansion in several developing markets including such as the UAE, Russia and Romania. Asia's moderate 14 per cent growth contained the lion's share of sales worldwide at $43bn through June 30.
Transactions of significant commercial properties totalled $306bn globally, with nearly 9,000 properties sold in the first half of 2008.
By either measure, sales were half the levels recorded in the first half of 2007.
A 60 per cent fall in transactions of major portfolios and an 85 per cent drop in entity-level transactions exacerbated the decline. In comparison, sales of individual properties were off 33 per cent in these six months.
"The credit crunch and slowing economy halved commercial property sales in the first half of this year compared to the first half of 2007, when neither were yet a factor. Overall, emerging markets have accounted for 25 per cent of all property sales this year, up from just 10 per cent a year ago," the report said.
Overall, 49 of the 84 countries tracked posted lower property sales this year compared with 2007.
Dubai deals cross Dh144bn
The total value of land transactions in Dubai has crossed Dh144.3bn in the first six months of the year compared with Dh175bn for all of 2007, Land Department figures revealed.
There were a total of 4,389 cash sales worth Dh53.79bn, 2,184 mortgage transactions worth Dh84.19bn, and 201 donations of land and property worth Dh6.29bn.
The sales transactions were registered across 103 districts of Dubai, as 82.03 million square feet of land was sold.
There were 4,323 transactions involving sale of 127.32m square feet of open spaces for Dh129.17bn, while there were 4,474 transactions involving the sale of 30.43m square feet of developed land.
Sheikh Zayed Road was the top area, followed by The Palm Jumeirah, Al Jadaf and Al Warsan.