Burj Khalifa tops list of most traded areas

The total value of real estate transactions rose by almost 22 per cent to Dh27 billion in the first half of 2012 compared to Dh22 billion same period last year, Dubai Land Department data reveals.

Burj Khalifa area (Downtown Dubai and Business Bay) topped the list of most traded areas in value terms, while Al Thanyah Fifth (Jumeirah Lakes Towers) registered the highest number of transactions in the first half of the year.

In Marsa Dubai (Dubai Marina), a total of 1,915 transactions worth Dh3.58 billion were registered. Burj Khalifa reported 1,846 transactions valued at Dh3.6 billion while 2,249 transactions of Dh2.26 billion were done in Jumeirah Lakes Towers.

Total transactions in Palm Jumeirah reached 719 and were valued at Dh3.42 billion. Al Thanyah Fourth (Springs, Meadows, etc) registered 444 transactions worth Dh1.77 billion, while Al Thanyah Third (Greens, Views) saw 567 transactions of Dh875 million.

In 2011, DLD recorded 35,297 transactions worth Dh143 billion - a 20 per cent increase compared to 2010. Mortgages formed 60 per cent of the total transactions, which the DLD said indicates the “recovery of the property financing and the return of healthy activities.”

On Sunday, Asteco, a Dubai-based real estate consultancy, said apartments in Downtown Dubai, Dubai Marina and Palm Jumeirah remained most popular among buyers and witnessed price increases of nine per cent, eight per cent and eight per cent, respectively, in the second quarter 2012.

Prices in Jumeirah Lakes Towers, Greens and Dubai International Financial Centre (DIFC) remained relatively stable, while Jumeirah Beach Residence jumped three per cent.

In the villa category, Arabian Ranches saw price hike of 16 per cent, the Springs (14 pre cent) and Jumeirah Islands (11 per cent).

Villas on the Palm Jumeirah were the most expensive in Dubai at Dh17,200 per square metre, followed by Jumeirah Islands and the Meadows priced at Dh10,750 and Dh10,250, respectively. The lowest prices were in Jumeirah Village at Dh5,400 per square metre, Asteco said.

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