Thursday, April 26, 2012

First quarter records Dh 12bn worth real estate transactions

During the first quarter this year, a total of 6,249 transactions worth Dh.12bn have been registered by the Dubai.

A total of 974 real estate transactions worth nearly Dh.2billion have been registered in Dubai Marina during the first quarter of this year, revealed data from the Dubai Land Department (DLD).

A total of 854 transactions worth Dh.1.76bn were recorded in Burj Khalifa area, while a total of 330 transactions worth Dh.1.61bn were registered in Palm Jumeirah.

Al Thanyah Fifth (Jumeirah Lakes Towers) reported 1,107 transactions worth Dh.1.02bn. Al Thanya Fourth (Springs, Meadows) registered 182 transactions worth Dh.640mn, while Al Thanyah three (Greens, Views) recorded 253 transactions worth Dh.319mn. Al Barsha South (Jumeirah Village) saw a total of 406 transactions worth Dh.391mn.

In 2011, the Land Department recorded a total of 35,297 transactions, worth a total of Dh.143bn, marking a 20 percent growth in comparison to 2010. Mortgages constituted 60 percent of total transactions, thereby indicating a recovery in property financing, said the Land Department.

Out of the total investments last year, GCC nationals invested Dh.12bn, while Indians topped the list of first-time property buyers in Dubai, having purchased properties worth Dh.2.1bn.

According to Jones Lang LaSalle Report released early this month, the residential property market in Dubai seems to have bottomed out, as prices now are at rates similar to that in early 2008.

Knight Frank mentioned that real estate sector in Dubai has not only stabilized, but, prices have grown by 2.3percent on an average during last quarter of 2011.

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