Good start to 2017: Property deals worth AED12 billion in 15 days in Dubai
The year 2017 started on a positive note in Dubai’s real estate market if the latest figures from the emirate’s regulator are any indication.
Dubai Land Department (DLD) said on Tuesday that the market has seen property deals worth up to AED12 billion during the first 15 days of this year.
During the new year’s first two weeks, land plots recorded 520 transactions worth AED7.511bn, while land sales claimed the lion’s share in terms of volume, generating 306 transactions worth over AED 3 billion, a statement from DLD showed. There were 190 mortgage transactions worth AED4 billion.
Building transactions totaled AED682 million with sales recording 287 transactions worth AED532 million whereas mortgages registering 74 transactions worth AED127m.
New phase of momentum
“The growth achieved in the fourth quarter of 2016 has paved the way for sustained growth at the outset of the New Year,” said Sultan Butti Bin Mejren, Director General of DLD.
“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,” Bin Mejren added.
DLD’s report identifies Dubai’s top sales areas, revealing that the Al Satwa area benefited from a high level of interest for land sales, with 13 transactions worth AED271m. As for buildings, Wadi Al Safa 3 proved the most popular area, securing 74 transactions worth AED129m.
Meanwhile the Burj Khalifa area has been highly attractive for individual unit sales, recording 156 transactions worth AED483m.
The largest investment transaction recorded during the last two weeks was for a piece of land in the Zabeel 2 area, which was purchased for over AED584m. Following closely behind were two pieces of land in the Al Markaz Al Tujari 2, which were sold for AED435m, and an AED 114m piece of land in Jebel Ali.
Turning to buildings, Jebel Ali has topped the scoreboard after selling a building for AED 5.2m. It was followed by AL Quoz, with a building sale worth AED4.6m, and Nad Al Shiba 1, with a building sale worth AED4.3m.
In terms of individual units, the Burj Khalifa area maintained its leadership, selling one unit for over AED18m, and another for AED12m. Palm Jumeirah followed after selling a unit at AED10.5m.