Thursday, August 09, 2012

21% growth in land transactions during 1H 2012

Land transactions in Dubai has increased by 21% year-on-year, making a total of Dh.63bn during first half of the year, with investors seeking to capitalize on the priced properties in the emirate, the Dubai Land Department (DLD) said.

The Director General at the Land Department, Sultan Butti bin Mejrin, mentioned that real estate market in Dubai has shown high levels of flexibility in meeting investor requirements and trends during first half of the year, particularly with new investors seeking to take advantage of price correction that happened over the past two years.

The results indicate strong performance and growth in the real estate sector of the emirate, with prices having grown over the past couple of months, owing to high demand for villas, flats and land.

During first half of the year, a total of 14,652 sales transactions worth Dh.30.8bn were registered in Dubai, constituting 49% of total transactions. The mortgage transactions were a total of 3363, worth Dh.29.6bn, constituting 47% of total transactions. Majority of increased transactions were due to Burj Khalifa, generating Dh.2.04bn revenue from sale of apartments.

Dubai real estate sector is now showing signs of recovery in prime locations, following the fallout of global financial crisis in 2008.

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