Tuesday, December 06, 2011

Dubai Marina tops realty transactions in Dubai this year

Dubai Marina has topped the list of freehold areas in Dubai, recording a total of 800 transactions worth Dh.903mn during the first nine months of this year.

As per the data provided by Reidin.com, a real estate information company, Emirates Living District has witnessed a total of 553 transactions worth Dh.673million, while Palm Jumeirah recorded a total of 307 transactions worth Dh.769million. The district comprises the Meadows, Views, Greens, Lakes, Ghadeer, Hattan, Springs, Montgomery and Emirates Hills.

The Jumeirah Beach Residence recorded a total of 295 transactions worth Dh.428mn during this period. The Business Bay and Downtown Dubai areas recorded a total of 494 transactions, jointly worth Dh.915mn.

The values by Reidin.com focused only on apartments and villas of emerging markets.

Meanwhile, propertyfinder.ae, has reported that Dubai Marina is the topmost searched location on the website.
The average selling price of single and double bedroom apartments have dropped 8percent and 11percent year-on-year, the website reported.

The Senior Director of Real Estate Development at Dubai Land Department, Mahmoud Ei Buri, said that the department expects the total real estate sales to touch Dh.140bn towards end of the year, in comparison to Dh.123bn in 2010.

The Director General of Dubai Land Department, Sultan bin Butti bin Mijren, revealed that nearly 225 projects are currently in progress in Dubai, and will be delivered over the next three years.

Nearly 217 real estate projects have been cancelled as of 31st May 2011. During the year 2009, nearly 129 projects were cancelled in the emirate, while 237 out of 450 projects were completed thereafter.

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