Almost 34,000 real estate transactions were concluded in 2015 in Dubai totaling over USD 50 billion, according to data presented in the last report of the Dubai Land Department, published recently.
Deep analysis of the processes taking place in the emirate’s property market in 2015 allowed Department’s experts to make the first general conclusions, which imply that Dubai is on track to sustainable growth in the real estate industry, the report said.
33907 real estate transactions were concluded in the emirate in the first nine months of 2015. Property worth USD 21.24 billion in total was sold through cash deals, but bigger part of transactions worth USD 25.59 billion in total was concluded using mortgages. Thus, it is clear that mortgages tend to overtake cash deals in Dubai residential sector.
“The report confirms beyond any doubt that the real estate sector in Dubai is heading towards sustainable growth. This can be ascertained from the continual increases from one quarter to the next, which have been a feature of the market over the last two years,” Sultan Butti Bin Mejren Director-General, DLD, said in a statement.
21 686 of the total number of transactions were for buildings and units, while another 12 223 deals worth USD 41 billion in total were for land acquisitions.
Bin Mejren noted that data presented by the Department, are accurate and reliable, as opposed to various kinds of insinuations on the possible oversupply in the Dubai housing market present in recent forecasts and analytical reports.
“Investors and developers can now have realistic expectations and can formulate effective strategies in the short- and medium-term to meet the needs of the sector,’ Bin Mejren said.
“We will see rewarding increases in the sales and rental prices, which means ensuring the satisfaction of all the players in the market,” he added.