Arab Today, arab today dubai land department reports 236bn emirates dinar real estate transactions for 2013
Last Updated : GMT 16:08:40
Arab Today, arab today
Arab Today, arab today

Dubai land department reports 236bn Emirates dinar real estate transactions for 2013

Arab Today, arab today

Arab Today, arab today Dubai land department reports 236bn Emirates dinar real estate transactions for 2013

Dubai - WAM

Dubai Land Department ( DLD ) has announced that the total amount of real estate transactions recorded in the emirate last year exceeded AED 236 billion. A financial report issued by Real Estate Sector Development Department, recorded AED 166 billion worth of land mortgages and sales and AED 62 billion of housing unit mortgages and sales for 2013, with the total number of transactions jumping 53 per cent from 2012 figures to reach a total of 63,652. DLD 's report tracked the organisation's activities until December 31st 2013, revealing that sales accounted for half of the total value of transactions at 50 percent, with the share of mortgages at 46 percent, leaving all remaining operations at only four percent of total activity. Compared with 2012 data, the figures represent an increase in turnover of 53 percent, with the growth in the number of transactions topping 52.4 percent. Commenting on the impressive results, Sultan Butti Bin Merjen, Director General of DLD , said: "The transaction figures for 2013 reveal a high level of optimism currently prevailing in the real estate market. These can be attributed to the new regulations and procedures issued during the past year, which have contributed to the strengthening of trust and confidence between the various categories of investor. We are anticipating a further rise in the growth index this year, boosted by Dubai's winning bid to host World Expo 2020." Sales and mortgages relating to land transactions accounted for the lion's share of the total real estate figure for 2013, with the AED 166 billion figure representing 70 percent of the total. The AED 62 billion figure for housing unit transactions was the second highest at almost 26 percent, while the remaining four percent of other activity was worth AED 8.7 billion. The Al Thenaya Al Khamesa area of Dubai was revealed to be the most attractive for investors, with the value of its transactions from sales and mortgages reaching AED 9 billion. This was followed by Al Barsha South 5, Al Hibiya 3, Al Barsha South 4 and Wadi Al Safa 5. Dubai Marina took first place in apartment sales and mortgages, with the value of transactions in this area equating to AED 15.6 billion. Al Thenaya Al Khamesa came in at second, Burj Khalifa third, Al Warsan 1 fourth and Business Bay fifth. With regards to buildings, developments in Al Thenaya Al Rabe'a were the most prominent among all districts through their generation of sales of almost AED 2 billion. Other significant areas appearing on the value report for 2013 were (respectively): Wadi Al Safa 6, Al Barsha South 4, Al Thenayan Al Thalatha and Dubai Investments.

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