Value of Dubai land deals reaches $512m

The total value of land transactions in Dubai last week reached AED1.88bn ($512m), according to a government department.

The Government of Dubai Land Department revealed on its website [click here] on Thursday that it saw a total of 40 transactions last week.

Most valuable among them was a plot off Sheikh Zayed Road that sold for AED87.45m ($24m). Another plot on the same road was acquired for AED43.51m ($12m), while yet another was acquired in Jebel Ali for AED35m ($9.5m).

The department noted that The Emirates Hills-3 was the most active in terms of the week's sales with seven transactions. Arabian Ranches followed with six sales, it added.

During the period, Sheikh Zayed Road recorded the highest turnover by value, at AED130.97m, followed by Jebel Ali, AED63.81m, and Emirates Hills-3, AED29.67m.

According to the Dubai land department website , the biggest area sold was 69,401 square feet off Sheikh Zayed, which went for AED87.46m. A 43,904 square-foot plot also off Sheikh Zayed was acquired for AED43.51m, while 42,070.46 square feet of Emirates Hills-3 was disposed off for AED11.54m.

During the period under review, 129 mortgages were registered, the most significant of which -  the AED160m for an area off Sheikh Zayed Road. There was another for AED130m, also off Sheikh Zayed Road.

The Government of Dubai Land Department is the real estate registry for the emirate. It is responsible for registering built and unbuilt land, villas, apartments, commercial and residential buildings, leases and mortgages throughout Dubai including the designated freehold areas.

The Department records and officially authorises as legitimate transactions involving Dubai real estate and transfers of ownership, whether these are between buyer and seller, donations, gifts or inheritance.

It is also Dubai's official registry, valuer, auctioneer, regulator, information provider and property overseer.

(AED1=$0.27)

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