(MENAFN- Khaleej Times) Realty transactions worth Dh113 billion were achieved in Dubai in the first six months of 2016 through 28,251 sales, mortgages and other transactions, the Dubai Land Department (DLD) said.
This compares to the Dh129 billion registered in the corresponding period of 2015 and Dh113 billion recorded in the same half of 2014. The number of transactions reached 23,000 during the first half of 2015, the DLD said. This means the value of deals clinched in the first half of 2016 declined despite an increase in the number of transactions. "Buyers in 2016 are more opportunistic and waiting to achieve the right pricing in a context of softening prices. This leads to fewer transactions and forming a pool of buyers ready to transact when anticipation will be that the market starts seeing price appreciation again," said David Godchaux, CEO of Core, the UAE associate of Savills. The total value of new mortgages taken out during the first half dipped to Dh48.3 billion from Dh65 billion a year earlier. The value of sales transacted without a mortgage dipped in the first half to Dh48.7 billion from Dh53 billion last year. Sultan Butti bin Merjen, director-general of the DLD, said: "Dubai has achieved a high percentage of growth, with the value and the number of real estate transactions." Business Bay and Dubai Marina remained popular among investors, with the former registering unit sales worth Dh2.3 billion and the latter Dh2.89 billion. Warsan 1 came in third with transactions valued at Dh454 million. Land sales were worth over Dh27 billion. Mortgages taken out for land deals were worth Dh42.7 billion, while total land transactions were worth Dh84 billion. Transactions of buildings and units were worth Dh28 billion during the period. Building sales were worth Dh3 billion, while unit sales crossed the Dh24 billion mark. A total of 488 mortgages were taken out for buildings which was collectively worth more than Dh1 billion, while 3,526 mortgages were taken out for units, accounting for Dh4.5 billion. The Seeh Shuaib 1 area in Dubai was the most attractive for investors, with the value of land sales reaching Dh2.364 billion. This was followed by Shaikh Mohammed bin Rashid Gardens with transactions worth Dh1.97 billion and followed by Al Yafra 3 with transactions worth Dh622 million. With regards to buildings, Shaikh Mohammed bin Rashid Gardens achieved 463 sales transactions worth Dh1.173 million, followed by Al Thunaya 4 with 141 sales worth Dh315 million, while Al Yalayis 1 came in third with 132 transactions valued at Dh219 million. -
Deepthi Nair I cover all things related to real estate in the UAE. Working as a print journalist in Dubai since 2008, I have reported on all the flashy new projects in town. Dubai's passion for setting new records continues to amaze me. I love to do stories that strike a chord with the average expatriate in the UAE. If you have any news related to your community or rents, you know who to get in touch with at Khaleej Times. When I am not working, I travel, catch up with friends, mall trawl, catch up on movies, explore new places in town or just unwind in a spa. Originally from India, I have been a journalist for more than 11 years. Language has been my forte right from school. That's me in a nutshell