By Sarah Townsend
Figure represents a 16% drop from the first six months of 2015 as prices fall during the past 18 months
The total value of real estate transactions in Dubai in the first half of 2016 was AED113 billion ($30.7 billion), the government has announced.
Dubai Land Department (DLD)’s latest Transactions Report, issued by the Real Estate Research and Studies department, said that the total figure was achieved through 28,251 transactions, including mortgage, sales and other deals.
The figure represents a 16 percent drop from the first six months of 2015, when the total amount of real estate transactions recorded in the emirate over the same period reached AED129 billion ($35.1 billion) through a smaller number (23,000) of transactions, according to a press release issued at the time.
The latest report reveals that property sales accounted for 43 percent of the total number of transactions with more than 20,000 transactions comprising a total value of AED48.715 billion ($13.2 billion).
Mortgages came in second with 6,391 transactions totalling AED 48.366 billion ($13.1 billion), also accounting for almost 43 percent. ‘Other’ transactions (such
as, grants, right-to-benefit and long-term lease transactions) reached AED16 billion ($4.3 billion) through 1,844 transactions, the report said.
DLD director-general Sultan Butti Bin Merjen said: “Dubai has achieved a high percentage of growth with the value and number of real estate transactions, which provides reassurance on the positive developments the Dubai property market is witnessing, and proves the attractiveness of the emirate’s real estate.”
Last week, Arabian Business reported on figures for the first five months of 2016, showing that investors pumped a total of AED48 billion ($13 billion) into Dubai’s real estate market through 21,773 transactions between January and May 2016.
The figures showed that UAE nationals invested the most in the sector, with deals worth AED12.024 billion ($3.27 billion), according to the DLD.
Indians were next with AED5.8 billion ($1.57 billion) of investments, followed by Saudis who invested AED3.65 billion ($993 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.