Abdul Basit / 28 April 2013
The first quarter of 2013 recorded an impressive high in terms of property deals in Dubai as the emirate registered 32 transactions per hour during the first three months of the year, according to the Land Department.
The Dubai Land Department (LD) has announced that the total value of real estate transactions in the emirate jumped by 63 per cent to Dhs44 billion in March quarter, compared to same period last year.The number of transactions carried out in the sector totalled 14,260, which indicates 223 deals per day and 32 per hour, director general of the Land Department Sultan Bin Mejren said in a statement.
“This is an important indicator of the solid growth and performance of the real estate market, which has the backing of government to increase confidence among a number of national, regional and international investors,” Bin Mejren said.
The real estate market in Dubai has shown durability and flexibility when it comes to dealing with the requirements of investors, with the past three months showing a new breed of investor entering the market in order to capitalise on opportunities that have risen on the eve of price corrections witnessed in the market over the past two years, according to the director general.
He further pointed out that the price index has shown an upward trend over the past few months as a result of increasing demand to purchase land, villas and apartments for distinguished projects in Dubai.
He also predicts that as market recovery continues to unfold, investors will be encouraged to increase their spending in Dubai.
The Dubai Marina took the lead in terms of value and amount of sales of apartments, with Dhs3.5 billion over 2,079 transactions.
According to data issued by the Department, sales transactions have reached 10,913 for a total value of Dhs24 billion, while mortgages accounted for Dhs17.8 billion following 2,616 foreclosures along with other transactions that brought in Dhs2.2 billion.
Statistics show that the total land transactions made by LD reached Dhs28 billion, with over 3,068 made; while commercial land transactions achieved the highest value in terms of type of sub-land property by 37 per cent of the total, while the total value of mortgages reached the highest level (54%) in terms of transactions made (986) worth Dhs15 billion.
The total value of residential unit transactions made equaled Dhs13.9 billion during the first quarter, with total transactions reaching 10,471. Majority of transactions (82.4%) were from sales transactions valued at Dhs11.4 billion; this is compared to 1,437 mortgage transactions that constituted 13.7 per cent of the total number of transactions worth Dhs2 billion or 14.9 per cent of the total value of transactions on units.
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