5.31 PM Friday, 29 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:56 06:10 12:26 15:53 18:37 19:52
29 March 2024

Top property investors' choice? Dubai Marina, followed by...

Published
By Parag Deulgaonkar

Real estate transactions in Dubai rose by 4.6 per cent to Dh113 billion in the first six months of 2014 to Dh108 billion during the same period last year, data compared by Emirates 24|7 reveals.

Dubai Marina continues to remain the most favourite area among investors with  2,576 sale transactions being registered, worth Dh5.87 billion.

Real estate (land, apartments, villas) sales accounted for 54 per cent of the total transactions, numbering 22,096 deals worth Dh61.5 billion, Dubai Land Department (DLD) said in a statement.

Total sales relating to land transactions touched Dh35 billion, representing 5,516 deals. Sales relating to units totaled Dh24.7 billion for 15,997 transactions, while buildings transactions were worth Dh1.8 billion.

Mortgages consisted 42 per cent of the dealings, with a total of 6,922 transactions worth Dh47.3 billion being recorded. The number of other property transactions stood at 1,389 with a total value of more than Dh4.6 billion. The total number of transactions for Q1 and Q2 was 30,380.

In H1 2013, total sales transactions were 22,748 worth Dh52.8 billion; mortgages accounted for Dh51.3 billion and other transactions were worth Dh4.3 billion.

Renewed confidence

“The Dubai real estate market has become the focus of attention for an increasing number of investors from around the world. This interest can be attributed to several reasons, most importantly the renewed confidence in the Dubai market after the city’s winning bid to host World Expo 2020,” said Sultan Butti Bin Merjen, Director General, DLD.

“Added to this optimism is the strengthening solvency of many major companies in the market. The overall result is that the real estate market in Dubai is able to regenerate and offer a variety of products to attract investors. We believe that Dubai can sustain this level of attraction and build on the momentum that is developing from the increased demand.”

Popular areas

Al Hibiya 3 occupied first position for land sales, with a total of 938 transactions worth Dh3.09 billion. Al Barsha South 4, Al Thenaya Al Khamesa, Wadi Al Safa 5 and Jabal Ali 1 followed it.

Dubai Marina took first place in apartment sales, with the value of transactions touching Dh5.87 billion for 2,576 transactions. Following it were Business Bay, Al Thenaya Al Khamesa, Al Warsan 1 and Burj Khalifa.

In terms of unit mortgages, Dubai Marina topped recording 751 transactions worth of Dh1.36 billion, followed by Business Bay and Al Thunaya 5.

Emirates 24|7 reported yesterday that in 2013 Dubai Marina housed 14 out of the 20 tallest buildings in the emirate and the “tallest block in the world” is all set to see completion and handover of another mega-tall tower next year.

(Read: Which is tallest tower in the 'Tallest block in the World' - Dubai Marina?)

Al Thenaya Al Khamesa topped the area for buildings transactions with a total of 236 deals worth Dh580 million. The next most popular areas for buildings transactions were Al Barsha South 4, Wadi Al Safa 6, Dubai Investment Park 1 and Al Thunaya 3.

With regards to mortgages, Thunaya 5 topped the list for land mortgages, recording 338 transactions worth Dh1.7 billion followed by Al Barsha South 4, Al Barsha South 5, Al Barsha South 1, and Wadi Al Safa 5.

“All indications confirm that the market is being buoyed by momentum that is sustaining demand. In this picture, the city will maintain its leadership and visibility in both the regional and global markets, particularly as it provides higher returns on investments,” Bin Mejren added.