Dubai realty deals hit Dh390B in 18 months

dubai — The total value of property transactions in Dubai has exceeded Dh390 billion across 95,000 transactions in 18 months — from January 1, 2016 to July 31, 2017, announced the Dubai Land Department (DLD).

Overall property transactions in Dubai totalled Dh132 billion in the first half of 2017. This represents a significant gain from the Dh113 billion recorded in the first half of 2016. Dubai recorded Dh259 billion worth of property deals for the full year 2016.

There were 22,353 transactions that were financed through mortgages, valued at Dh188.514 billion in the last 18 months in Dubai. This compares to 7,893 transactions financed through mortgages valued at Dh60 billion in H1 2017.

Increased mortgage-backed transactions highlights the increased presence of end-users in the Dubai property market.

For the last 18 months, land sales lead in terms of value and represented more than Dh283 billion

these figures demonstrate an atmosphere of optimism Sultan Butti bin Mejren, Director-general of DLD

from around 24,000 transactions while deals involving entire buildings were 8,000 transactions for Dh21 billion. Unit transactions lead in terms of number and were worth Dh86 billion, achieved through 63,903 transactions. Other transactions were worth Dh36 billion through 6,077 deals.

Sultan Butti bin Mejren, directorgeneral of the DLD, said: “These figures demonstrate an atmosphere of optimism across the market.”

— deepthi@khaleejtimes.com