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Dubai’s real estate transactions hit AED64bn in Q1

Transaction values increase by AED3 billion, which proves that the real estate sector in Dubai is maintaining a sustainable growth

The total amount of real estate transactions recorded in Dubai in the first quarter of 2015 amounted to AED64 billion, according to the Dubai Land Department’s (DLD) annual report.

This was recorded through 11,603 transactions. The DLD’s report shows that the sum of real estate investment transactions amounted to AED 24 billion, through 8,650 investors.

The value of transactions increased by AED3 billion, which proves that the real estate sector in Dubai is maintaining a sustainable growth.

The number of sales reached nearly 8,000 transactions valued at AED24 billion, while the volume of mortgages reached more than AED37 billion after the registration of more than 3,000 transactions. All other operations reached 546, valued slightly over AED2 billion.

HE Sultan Butti Bin Mejren, director general of the DLD, commented on the results, saying: “The department is always keen on issuing the quarterly results of real estate transactions in Dubai for transparency that will help investors and customers in making decisions based on strong foundations.”

He adds: “The figures in this report are showing a well-established trust in our real estate market, as well as full preparations and readiness for quantum leaps in the next few years to receive the Expo 2020.”

Sales and mortgages relating to land transactions recorded more than AED52 billion from the total real estate figures for Q1 2015, with a total 3,919 transactions.

Commercial lands (already built on) achieved the highest value for the type of land with 57 per cent in total.

In terms of the value of transactions by the kind of property, the buildings and units’ transactions exceeded 7,823 with a total value of AED11 billion during Q1 2015. Housing units got the lion’s share with AED8.408 billion and 74.6 per cent.

The most attractive locality for transactions in terms of land value sales was the Al Yafra 2 area of Dubai, with the value of its transactions from sale of lands reaching AED1.467 billion through 614 sales.

This was followed by Al Hebya Al Thaletha, with a total of 307 sales worth AED994 million, while Al Warsan took the third place with 161 transactions worth AED357 million.

Business Bay took first place in unit sales, with 1,202 transactions at the value of AED 1.848 billion, followed by Dubai Marina with 524 transactions at the value of AED1.181 billion, while Al Thunaya 5 came in third with 452 transactions at the value of AED568 million.