(MENAFN- Emirates News Agency (WAM)) The total amount of real estate transactions recorded by the Dubai Land Department, DLD, during the first half of 2015 reached AED 129 billion, through 23 thousand transaction, annual report issued by Real Estate Research and Studies Department of DLD has said.
In details, the report reveals the sales and mortgages transctions along with other transactions, as the sales accounted a total value of AED 53 billion, while the mortgages accounted more than AED 65 billion, leaving all remaining operations with the total value of AED 10 billion.
Commenting on the results, Sultan Butti Bin Mejren, Director General of Dubai Land Department, said: "The report confirms beyond any doubt that the real estate sector in Dubai is heading towards sustainable growth. This can be ascertained from the continual increases from one quarter to the next, which have been a feature of the market over the last two years. In light of the report's findings, investors and developers can have realistic expectations and can formulate effective strategies in the short and medium-term to meet the needs of the sector. The reliable data in the report is far removed from fallacious information about the market that certain parties are trying to broadcast in order to achieve personal gain."
Looking at the transactions, Sales and mortgages relating to land transactions recorded more than AED 106 billion from the total real estate figure for H1 2015, with the total of 8,240 transactions. The commercial lands (already built on) acquired the lion share in terms of value for the type of land with 47% in total, noting that other lands include agricultural land devoted to the development of industrial projects, exhibitions, hotels and residences, and other uses.
The value of transactions by the kind of property, showed that the buildings and units transactions exceeded 15,355 transactions with a total value of AED 20 billion during H1 of 2015.
In reference to areas, "Al Yafra 2" area of Dubai was revealed to be the most attractive for transactions, in terms of land value sales, with the value of its transactions reaching AED2 billion, as for mortgages of lands, "Al Barsha South 1" came in first through 348 transaction worth of AED 360 million.
It was different for unit sales, Business Bay area came in first with the value of its transactions reaching AED 2.5 billion. As for mortgages of units, Dubai Marina came in first with transactions value reaching AED 1 billion. As for buildings, "Al Thunaya 4" topped all areas in terms of building sales, with the value of its transactions reaching AED 377 million through 158 sale transaction, as well as for mortgages of buildings with a total amount of AED 246 million.
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