(MENAFN- Khaleej Times) The value of real estate transactions recorded in Dubai in the first quarter of 2016 reached Dh54.782 billion through 12568 transactions Dubai Land Department said.
A report issued by the Real Estate Research and Studies Department of DLD said sales crossed 8440 transactions valued at Dh21.687 billion while mortgages reached 3213 transactions valued at Dh24.902 billion. Another 915 transactions with a total value of Dh8.193 billion were also recorded. In 2015 the total amount of real estate transactions recorded in Dubai exceeded Dh267 billion through 63719 transactions showing an eight per cent increase compared to 2014. The value of real estate investment transactions for the quarter reached Dh25 billion. The report showed that 11353 investors of 127 nationalities made real estate investments in Dubai's property sector in the first quarter. DLD's investment report revealed that 3476 GCC citizens accounted for Dh9 billion in transactions. Emirati investment formed the lion's share of this figure with total transactions of Dh6.1 billion while citizens of Saudi Arabia came in at second place with transactions worth Dh1.8 billion followed by Kuwaiti nationals. Seeh Shoaib area of Dubai was the most attractive location for land sales followed by Al Hibiya 3 and Al Yafra 3. As for mortgages Al Thunaya 5 came in first followed by Al Hebiya 3 and Al Thunaya 4. In units sales Dubai Marina came in first followed by Burj Khalifa and Business Bay. The contribution of Arab investors from outside the GCC to the real estate market exceeded Dh billion with 1486 individuals of 16 nationalities making investments. The total value of foreign investment in the Dubai real estate market was more than Dh12 billion involving 6391 investors of 105 nationalities. In a statement DLD said it is set to participate in the 4th Dubai International Government Achievements Exhibition (DIGAE) from April 11 to April 13t at the Dubai International Convention and Exhibition Centre. The initiative serves to highlight Dubai's position as a destination of excellence and creativity through innovative services and smart applications such as "Smart Judge" "Al Mahara service" and "E-Step. In its role as a strategic sponsor DLD will be focusing on local and global government achievements by showcasing its top accomplishments in the real estate sector. Experts from DLD will also be on-hand to share their knowledge of the real estate industry with an audience of global participants. "Although we are a local department our services are accessible to local communities as well as global investors in the real estate sector" said Sultan Butti Bin Mejren Director General of DLD. X
Issac John Associate Business Editor of Khaleej Times is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years including 23 years with Khaleej Times. A post-graduate in English and graduate in economics he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends he is respected for his astute understanding of the local business scene.