By Staff writer
Dubai Land Department figures reveal 23,000 transactions in the first half of 2015
Dubai Land Department said on Monday that the total amount of real estate transactions in Dubai exceeded AED129 billion ($35.1 billion) in the first half of 2015.
The government department said it saw 23,000 transactions during the first six months of the year. The total value of transactions for the whole of 2014 was AED218 billion, it said in a previous statement.
Its H1 report revealed that sales accounted for AED53 billion of the deals, while mortgages accounted more than AED65 billion.
For unit sales, Business Bay came in first with the value of its transactions reaching AED2.5 billion while for mortgages of units, Dubai Marina was top with deals totalling AED1 billion.
Sultan Butti Bin Mejren, director general of Dubai Land Department, said: "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. In light of the report's findings, investors and developers can have realistic expectations and can formulate effective strategies in the short and medium-term to meet the needs of the sector."
Sales and mortgages relating to land transactions recorded more than AED106 billion from 8,240 transactions. The commercial lands (already built on) acquired the lion's share in terms of value for the type of land with 47 percent of the total.
The report said the Al Yafra 2 area of Dubai was revealed to be the most attractive for sales transactions with the value of deals reaching AED2 billion. For mortgages, Al Barsha South 1 came in first through 348 transaction worth AED360 million.For all the latest real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.