DLD register 34 thousand transaction
Dubai, UAE, October 31, 2015: Real Estate Research and Studies Department at Dubai Land Department (DLD) issued the report announcing that the total amount of real estate transactions recorded in the emirate in the first 9 months of 2015 reached AED 186,343 billion, through 33,907 transaction.
In details, the report reveals the sales and mortgages transactions along with other transactions, as the sales accounted a total value of AED 78 billion, while the mortgages accounted around AED 94 billion, leaving all remaining operations with the total value of AED 14 billion.
"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. The reliable data in the report is far removed from fallacious information about the market that certain parties are trying to broadcast in order to achieve personal gain."
Commenting on the results, HE Sultan Butti Bin Mejren, Director General of Dubai Land Department, said: "This report shows once again sustainable growth enjoyed by the real estate sector in Dubai, especially since the increase in supply is in harmony with the increase in demand for various real estate activities categories, including residential units, office space allocated for industrial purposes and installations, as well as growth in the development of hotel projects of various degrees,"
"Such numbers reassures investors, and maintain market momentum and its ability to pump new investments, specially with projects that help Dubai to prepare for Expo 2020. As the market is now is enjoying sustainable growth, we will see rewarding increases in the sales and rental prices, which means ensuring the satisfaction of all the players in the market," bin Mejren added.
Looking at the transactions, sales reached 22,389 transaction acquiring 42% from the total lands transactions, as mortgages acquired 50% leaving 8% for other transactions.
Looking at the lands transactions, the commercial lands acquired the lion share in terms of value for the type of land with AED 63,787 billion, followed by empty lands for other purposes with a total amount of AED 23 billion. In third place came empty lands for commercial purposes with AED 22.6 billion, while empty lands for residential purposes acquired almost AED 20 billion. Other lands with residential buildings accounted AED 17.5 billion, while lands for other purposes acquired AED 6.2 billion.
Looking at the value of transactions by the kind of property, we find that the buildings and units transactions exceeded 21,686 transactions with a total value of AED 32 billion during 9 months. Lands transactions acquired AED 153 billion through 12,221 transactions, as the built on lands for commercial services acquired 42% from the total. Recording 8,069 sales transaction with a total value of AED 56,779 billion, and 3,696 mortgage transaction with a total value of AED 85 billion, while other kind of lands recorded AED 11.6 billion. Other types of lands include: agricultural and industrial uses, allocated for the development of airports and shops, residential apartments and trade fairs, hotels, Arabic houses and units, workers housing and hospitals.