Tuesday, July 10, 2007

Land value in Dubai averages Dh.400 per Sq. Ft. - reports Land Department

According to the reports released by the Land Department, the land value in Dubai has averaged Dh.400 per square feet during the first half of this year. The total value of land transactions at the Dubai Land Department has touched Dh.38.55billion during the first six months.

There has been an average of 1857 cash sales worth Dh.16.49bn that involved about 41.34 square feet of land, i.e., an average of approximately Dh.399 per square feet of land.

The Dubai Land Department has witnessed 1359 mortgage transactions, worth Dh.18.08billion, and about 196 donations of land and property averaging about Dh.3.97billion during the period June 30th.

The cash sales of land involved about 102 districts in Dubai. A total of 1,622 transactions had taken place, which involved the sale of about 24.32m sq. ft. of open spaces for Dh.23.44bn. About 18.67m sq. ft. of developed land was also sold through 2,607 transactions.

Marsa Dubai district was the top selling one, with about 8.67 percent of total land sales. The prices ranged between Dh.171.52 to Dh.5670.11 per square foot. This was followed by Al Barsha First with 6.57 percent sales, worth Dh.1.08 bn., with prices ranging from Dh.220 to Dh. 7,789.68 per square foot.

The third largest district from sales point of view was Trade Center First with 6.07 percent sales recorded during the initial six months. Al Sheba district witnessed 5.06 percent of total sales.

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