Dubai - Mubasher: The total amount of real estate transactions reached AED 158.541 billion in the first eight months of 2016 in Dubai, through 38,838 sales, mortgages and other transactions, according to Dubai Land Department’s (DLD) transactions report.
“Real estate transactions in Dubai have demonstrated strong momentum since the beginning of this year, with growth increasing month by month. This comes despite the usual state of market tranquillity expected in the summer months,” according to DLD director general Sultan Butti Bin Merjen.
The three summer months from June to August were very active, with more than 15,493 transactions comprising of a total combined value of AED 60.5 billion.
Property sales contributed towards 46% of the total, with more than 28,077 transactions comprising a value of AED 71 billion, while mortgages came in second crossing a threshold of 8,482 transactions, which formed a total value of AED 66 billion, also acquiring almost 42%.
Other transactions reached AED 20.5 billion in the form of 2,279 transactions, representing around 13% of the whole amount.
Land transactions reached 10,054 and amounted to over AED 115 billion for the current period. Mortgages relating to land transactions stood at 3,128 and attained AED 58.5 billion, while sales transactions attained AED 38 billion from a total of 6,341 transactions, with other transactions gaining AED 18 billion.
When considering the total value of transactions by buildings and units, we find that building sales and mortgages accomplished 2,479 transactions with a total of AED 7 billion, whilst unit transactions crossed the AED 37 billion mark, amounting from 26,305 transactions.
“There are a lot of positive signs contained within this report, which collectively demonstrate how the Dubai market is drawing great strength from a number of big infrastructure projects announced by the government,” Bin Mejren added.
