Dubai Land Department (DLD) registered $3.27 billion (AED12 billion) worth of property deals in the first 15 days of 2017, it announced on Wednesday.
Earlier this month, DLD said total property transactions last year declined by 2.99 percent to $70.51 billion (AED259 billion) from $62.69 billion (AED267 billion) in 2015.
As of mid-January, 520 land deals totalling $2.04 billion (AED7.511 billion) had been registered, the DLD said, while completed building transactions reached $186 million (AED682 million). Individual unit sales registered significant activity, totaling over $762 million (AED2.8 billion). The remaining amount came from “other transactions”, which were not disclosed.
Sultan Butti Bin Mejren, director general of the DLD, said the growth achieved in the fourth quarter of 2016 has paved the way for sustained growth at the outset of the New Year.
“By studying the index at the end of last year, DLD predicted that the market would enter a ‘new phase of momentum’ and growth in 2017, as investor trust is building and certain areas of the city are attracting new interest from a variety of buyers,” he said.
According to DLD, the top three sales areas were Al Satwa, registering 13 land transactions of $74m (AED271m), Wadi Al Safa 3 with 74 building transactions of $35.12m (AED129 million) and Burj Khalifa area with 156 unit sales of $131.50m (AED483m).
The largest investment transaction by mid-January was for a land plot in the Zabeel 2 area, which was purchased for over $159m (AED584m) followed by two plots of land in Al Markaz Al Tujari 2 ($118.43m) and Jebel Ali ($31.04m), the DLD said.
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