AED218b worth of deals recorded in 2014

The value of Dubai property deals in 2014 fell 7.6% compared with the previous year, reflecting a slowdown in the emirate’s housing market, official figures show. The value of Dubai property deals in 2014 fell 7.6% compared with the previous year, reflecting a slowdown in the emirate’s housing market, official figures show. Overall property or land sold or mortgaged in 2014 stood at AED218 billion, down from AED236bn the previous year, according to Dubai Land Department (DLD) data released yesterday. DLD, the official government body responsible for registering property sales in the emirate, said that the number of property transactions taking place in Dubai fell by nearly 10,000 or 15% from 63,652 in 2013 to 53,871 in 2014. “The real estate market has shown a clear ability to gain momentum from year to year, in addition to maintaining sustainable growth, as well as the trend towards maturity,” said Sultan Butti bin Merjen, the director general of DLD. DLD said that Business Bay was the most popular area for apartment sales during the year, with 4,315 units changing hands, worth a total of AED7.2bn. Dubai Marina was the second most popular area for sales, registering 4,121 transactions during the year, worth a total of AED9.17bn.