By Staff writer
Dubai Land Department chief says figures prove Dubai is able to continue to attract investors from all over the world
Dubai Land Department has announced that the total value of real estate transactions in Dubai exceeded AED267 billion ($72.7 billion) during 2015, a 22 percent jump on the previous year.
Its annual report showed that the deal value rose by AED49 billion and that there were a total of 63,719 transactions registered last year.
Sultan Butti Bin Merjen, director general of DLD, said the latest figures proved that the real estate market in Dubai "is able to continue to attract investors from around the world, which means that it is still likely to maintain sustainable growth again for years to come".
He added: "These quarterly reports issued by our experts assure that the Dubai market has reached a stage of wise maturity and rational dealing with the requirements by the various sides in the real estate market.
"If we look at the moves that have been recorded over the past year details, we can see clearly the optimal policies followed by senior developers to diversify their products and put forward their proposals to acquire full confidence on the part of customers and investors."
The report showed that sales accounted for 48,000 of the transactions valued at AED130 billion, while mortgages crossed 12,000 with a total value of AED117 billion.
The Al Yafra 2 area of Dubai was revealed to be the most attractive for investors, followed by Al Hebeya 3 and Al Yafra 3.
Business Bay took first place for unit sales, with 3,212 transactions, ahead of Al Hebiya 4 and Dubai Marina, the report added.
It also showed that Al Barsha South 1 came out on top in terms of mortgages for land deals while Dubai Marina was top for mortgages for units.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.