Dubai Land Department said on Tuesday that the total amount of real estate transactions in Dubai exceeded AED218 billion ($59.3 billion) in 2014, down 8 percent from the previous year.
A report released by the state entity’s real estate sector development department recorded AED157 billion worth of land mortgages and sales and AED60 billion of housing unit mortgages and sales for the year, with the total number of transactions fell 15 percent on 2013 to hit 53,871.
Sultan Butti Bin Merjen, director general of the Land Department, said: “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.”
The report revealed that sales accounted the for 51 percent of the total value of transactions, while mortgages accounted for 44 percent.
Business Bay was the most popular area of Dubai for apartment sales, with 4,315 transactions with the value of AED7.20 billion, followed by Dubai Marina with 4,121 transaction with the value of AED9.17 billion.
The Al Thenaya Al Thaletha area of Dubai was revealed to be the most attractive for investors, with the value of its transactions from sales of lands reaching AED4.71 billion through 1,427 sale transactions.
This was followed by Al Thenaya Al Khamesa with a total of 1,016 sale transactions worth of AED4.29 billion, while Al Barsha South 4 took the third place with 910 transactions worth AED4.58 billion.
Follow us on
