Dh143bn Dubai property deals - Emirates24|7

Dh143bn Dubai property deals

Dubai saw 35,297 real estate transactions worth Dh143 billion in 2011, an increase of more than 16 per cent over previous year's total of deals worth Dh123 billion.

The statistics released by Dubai Land Department show that over 60 per cent of the apartment sale transactions in Dubai in 2011 were done in cash with the Dubai Land Department registering 20,426 units worth Dh27 billion.

In all, total transactions in 2011 reached 35,297 worth Dh143 billion which includes sales, mortgages, ijarah, mortgage portfolios, deferred sales and other transactions. The department had reported total sale transactions of Dh123 billion for 2010.

Total transactions for apartments/flats were 26,465 valued at Dh43 billion. Out of the total, mere 5,568 were mortgage transactions worth Dh15 billion.

On the villa side, total transactions touched Dh6 billion. Last year, 1,179 villa sales’ transactions were reported valued at Dh4 billion, while 655 mortgage transactions worth Dh2 billion were registered.

Land sales dominated the year with plots’ sales and mortgages amounting to Dh94 billion. Plots’ sale saw 2,961 transactions valued at Dh22 billion, while 3,315 mortgage transactions were worth Dh69 billion.

In all, total transactions in 2011 reached 35,297 worth Dh143 billion which includes sales, mortgages, ijarah, mortgage portfolios, deferred sales and other transactions. The department had reported total sale transactions of Dh123 billion for 2010.

Sultan Butti bin Mejrin, Director General of the Land Department (LD) said there was 20 per cent increase in the total value of transactions compared to 2010.

“The transactions’ quantity, quality and procedures reflect the recovery and growth of the real estate market in Dubai due to the direct support from the local government that spared no effort to achieve market’s stability and growth, enhance the attractiveness of real estate investment along with boosting the confidence of investors.”

In October 2011, Emirates 24|7 reported that the land department was expecting total sales transactions to reach Dh140 billion by the end of the year.

“We expect total sales to reach Dh140 billion by year-end. We believe we will touch the Dh100 billion market by today, which is a 10 per cent increase compared to the same period last year,” Mahmoud El Buri, DLD Senior Director of Real Estate Development Department, had said.

Although the department said there was a 12 per cent increase in mortgages compared to last year, the majority of the mortgage registrations were in land and not apartments.

Bin Mejren said the total value of the transactions clearly reflect the “unequivocal” return of the real estate market to normal levels, the exit of speculators, the maturity of the real estate market, the increased investor awareness of the importance of long-term investment in this vital sector.

He further said that the market will see “continued strong recovery in the coming period,” which will encourages investors to increase their investments in Dubai real estate market due to the high levels of confidence, stability and commercial appeal it enjoys.

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