Minute with Elysian

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Dubai Real Estate Transaction Values for Q1 2014 Up 38% From Last Year

The Dubai Land Department (DLD) announced 12 April 2014 that the total value of real estate transactions in Dubai for Q1 2014 exceeded AED 61 billion, made up of 15,694 transactions across AED 31.5 billion in sales and AED 38 billion in mortgage transactions. This is a 38% value increase over Q1 2013 which saw a value of AED 44 billion. Total transactions increased by 11% when comparing Q1 2014 to Q1 2013 which shows a sharp increase in the value per transaction.

Sultan Butti Bin Merjen, Director General of DLD, has said of these results, “The results of the first quarter 2014 reflect the renewed investor confidence in Dubai and specifically, in the city’s real estate sector, which is considered an integral component of the national economy. We expect the next three quarters to be similarly as active, especially as this period follows the launch of a number of stimulating economic projects in Dubai and the disclosure of some of the preparations for the city’s hosting of Expo 2020.”

“The figures issued by DLD’s Real Estate Sector Development Department confirm the increased activity in the city’s real estate sector. They prove that Dubai is attracting property ownership, whether for long-term investment or for personal housing needs. We anticipate this heightening of activity to continue over the coming years, with property buyers achieving good returns on their real estate investments. We believe that these returns will be significantly greater than those from other economic sectors,” added Bin Mejren.

The statistics showed that there were 11,567 sales activities worth a total of AED 31.5 billion and 3,482 mortgage transactions, worth over AED 28 billion. Other categories accounted for AED 1.7 billion from 636 transactions, making the total value of transactions in all categories more than AED 61 billion.

Sales and mortgages relating to land transactions accounted for the bulk of the total figure, with land mortgages valued at AED 24.1 billion and land sales AED 17.4 billion. Sales and mortgages of residential units were worth AED 13 billion and AED 3.1 billion respectively. Buildings transactions came in at third place for activity, with sales registering AED 946 million and mortgages AED 810 million. In total there was an 81 percent increase in the number of investors compared with the number from the first quarter of 2013.

DLD’s report revealed that Al Hibiya 3, Dubai Marina and Al Thenaya Al Rabe’a were the most attractive areas for selling land, buildings and residential units. Al Thenaya Al Khamesa was in top place for land mortgages and Thenaya Al Rabe’a placed highest for building mortgages.

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