Property deals double in Dubai

Sales account for 54% of total real estate transactions in the first half of the year, numbering 22,096 deals worth AED61.5 billion, according to a financial report by the Real Estate Research and Studies Department. Over AED113 billion worth of real estate transactions have been recorded in the first half of 2014 - a figure nearly double the amount recorded the same time last year.
The National reported that new figures from the Dubai Land Department (DLD) show that the total value of real estate transactions taking place in Dubai surged during the first six months, up 46.9% on transactions recorded during the same period the previous year.
DLD, which is responsible for recording details of all property sales, mortgage transactions and other property deals in the emirate, said that cash sales accounted for 54% of total transactions taking place over the period, with 22,096 deals taking place worth a total of AED61.5bn.
“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,” said Sultan Butti bin Merjen, the DLD Director General.
Dubai Marina has been the most popular area with the most cash sales for apartments; 2,576 transactions were recorded over the period for AED5.87bn. It was followed by Business Bay, Al Thenaya Al Khamesa, Al Warsan 1 and Burj Khalifa.
Dubai Marina was also the neighbourhood where the most mortgages were taken out on apartments with 751 transactions worth AED1.36bn. It was followed by Business Bay and Al Thunaya 5.
Al Hibiya 3 was the area with the most land sales, with 938 transactions worth AED3.09bn taking place. This district was followed by Al Barsha South 4, Al Thenaya Al Khamesa, Wadi Al Safa 5 and Jabal Ali 1.

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