(DENNIS B MALLARI)   

 

The value of land deals in Dubai more than doubled to Dh38.5 billion in the first quarter of 2008 compared to last year.
 
Land transactions registered with the Dubai Land Department (DLD) between the beginning of the year and yesterday totalled more than Dh38.5bn, a phenomenal increase compared to the same period last year, which saw transactions worth Dh14bn.
 
Total land transactions in 2007 stood at around Dh175bn.
The highest number of land deals so far was seen in The Palm Jumeirah, which witnessed 273 transactions. Al Rawia was the next most active in the city with 142 transactions, followed by the Arabian Ranches area with 133.
 
Meanwhile, the highest total value of transactions was seen in the Sheikh Zayed Road area at Dh2.5bn. Al Khawaneej 3 was second with deals worth Dh1.75bn, followed by The Palm Jumeirah with Dh1.49bn and Al Jaddaf area at Dh1.37bn.
 
DLD sources told Emirates Business it will complete the registration of a single transaction valued at more than Dh1.2bn in Al Jaddaf tomorrow. It is one of the biggest transactions so far this year.
 
Transactions were divided between sales transactions (Dh20.8bn) and property mortgage transactions (Dh17.7b). The latter indicates Dubai landlords are mortgaging their properties to obtain liquidity, that will enable them to seize other investment opportunities in the emirate.