Dubai realty remains strong, 2015 deals hit Dh267 billion
The total value of real estate transactions in Dubai jumped 22.5 per cent to Dh267 billion in 2015 compared to Dh218 billion in 2014, with the industry becoming more 'innovative and mature', according to the Dubai Land Department (DLD).
“The reports issued by our experts assure that the Dubai market has reached a stage of wise maturity and rational dealing with the requirements by the various sides in the real estate market,” said Director-General Sultan Butti bin Merjen.
Read: Dubai property deals at Dh218bn in 2014
“If we look at the moves that have been recorded over the past year, we can see clearly the optimal policies followed by senior developers to diversify their products and put forward their proposals to acquire full confidence on the part of customers and investors.”
“Keeping this momentum for years proves that the real estate market in Dubai is able to continue to attract investors from around the world, which means that it is still likely to maintain sustainable growth again for years to come.”
Sales and mortgages
Sales crossed 48,000 transactions with a total value of Dh130 billion, while mortgages crossed 12,000 with a total value of Dh117 billion.
Sales and mortgages relating to land transactions recorded over Dh194 billion with the total of 16,751 transactions.
Commercial lands (already built on) acquired the lion share in terms of value for the type of land, with 40 per cent in total.
Looking at the value of transactions by buildings and units, transactions exceeded 46,968 with a total value of Dh72 billion.
The Al Yafra 2 area of Dubai was revealed to be the most attractive for investors, with the value of its transactions from sales of lands reaching Dh3.285 billion through 1,563 sale transactions.
This was followed by Al Hebeya 3 with a total of 1,360 sale transactions worth of Dh3.950 billion, with Al Yafra 3 at 926 transactions worth Dh1.710 billion.
Business Bay took first place in unit sales, with 3,212 transactions with the value of Dh4.953 billion, followed by Al Hebeya 4 with 3,080 transactions with the value of Dh2.573 billion, while Dubai Marina came in at third with 3,059 transactions with the value of Dh6.240 billion
In buildings, Al Yalayis 2 was the most prominent with total of 1,022 transaction with the value of Dh1.354 million, followed by Al Yalayis 1 with total of 425 transaction with the value of Dh785 million, while Sheikh Mohammed Bin Rashid Gardens came in third with total of 371 transactions with the value of Dh1.007 billion.
Mortgage land deals
Al Barsha South 1 came on top in terms of mortgages transactions for lands, with 387 mortgage transaction with total value of Dh415 million, followed by Al Thunaya 5 with 399 mortgage transaction with total value of Dh1.377 billion, while Al Thunaya 4 came in third with 249 mortgage transaction with total value of Dh1.902 billion.
Unit mortgage transactions
Dubai Marina came on top in terms of mortgages transactions for units, with 927 mortgage transaction with total value of Dh 1.788 billion, followed by Business Bay with 814 mortgage transaction with total value of Dh1.821 billion, while Al Thunaya 4 came in third with 739 mortgage transaction with total value of Dh 911 million.
Building mortgage deals
In terms of buildings, Al Thunaya 4 came on top in terms of mortgages transactions, with 284 mortgage transaction with total value of Dh526 million, followed by Wadi Al Safa 6 with 175 mortgage transaction with total value of Dh349 million, while Al Barsha South 4 came in third with 92 mortgage transaction with total value of Dh158 million.
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