The total value of property transactions in Dubai reached more than AED83bn ($22.6bn) in the first nine months of 2012, a senior official said on Sunday.
Sultan Butti Bin Mejrin, director general of the Dubai Land Department, said the emirate saw 27,452 transactions at a rate of 150 daily deals and 20 per hour.
“The property transactions have become more mature and the investors are now much more aware. The market offers multiple-choices and Dubai property sector showed high flexibility in dealing with investors’ requirements and trends during the first 9 months,” he said in a statement.
Land transactions in Dubai reached AED63bn in the first half of 2012, meaning Q3 deals slowed to AED20bn.
The transactions include sales, mortgages, ijarah, mortgage portfolios, deferred sales and other transactions.
Bin Mejrin added that first time investors had returned to the market to benefit from the price correction witnessed by the market over the past two years.
He also said prices in Dubai “took a upward trend during the past few months due to the demand and purchase transactions of land, villas and apartments in certain distinguished projects in Dubai”.
The lion’s share of total transactions was dominated by sale with 20,925 transactions at the value of more than AED43bn.
Sales accounted for 52 percent of the total transactions in the first nine months of this year while mortgages accounted for 44 percent of the total transactions at the value of AED36.3bn.
Bin Mejren said Wadi Al Safa 5 was the most traded area in term of a number of land transactions with 403 deals.
The Burj Khalifa, the world’s tallest building, topped the list of most traded areas in terms of units with 3,305 sale transactions.
In the land mortgage transactions, Al Barsha South First was the most traded areas with 203 transactions while the Burj Khalifa saw 442 apartment mortgage transactions.
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