Dubai real estate deals top $16.6b in first quarter of 2014

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Dubai-Real-EstateThe Dubai Land Department (DLD) has announced that the real estate transactions recorded in the emirate during the first quarter of this year exceeded Dh61 billion ($16.6 billion), up 38 per cent over the same period last year.

DLD’s report revealed that a total of 15,694 real estate deals were completed in the three months to March 31 – an increase in activity of 11 per cent. The statistics also showed that there were 11,567 sales activities worth a total of Dh31.5 billion and 3,482 mortgage transactions, worth over Dh28 billion.

Sultan Butti Bin Merjen, director general of DLD, said: “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.”

Sales and mortgages relating to land transactions accounted for the lion’s share of the total figure in the first quarter, with land mortgages valued at Dh24.1 billion and land sales Dh17.4 billion. Sales and mortgages of residential units were worth DhD13 billion and Dh3.1 billion respectively.

“The figures 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,” added Bin Mejren.

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Reading Time: 2 minutes

The Dubai Land Department (DLD) has announced that the real estate transactions recorded in the emirate during the first quarter of this year exceeded Dh61 billion ($16.6 billion), up 38 per cent over the same period last year.

Reading Time: 2 minutes

Dubai-Real-EstateThe Dubai Land Department (DLD) has announced that the real estate transactions recorded in the emirate during the first quarter of this year exceeded Dh61 billion ($16.6 billion), up 38 per cent over the same period last year.

DLD’s report revealed that a total of 15,694 real estate deals were completed in the three months to March 31 – an increase in activity of 11 per cent. The statistics also showed that there were 11,567 sales activities worth a total of Dh31.5 billion and 3,482 mortgage transactions, worth over Dh28 billion.

Sultan Butti Bin Merjen, director general of DLD, said: “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.”

Sales and mortgages relating to land transactions accounted for the lion’s share of the total figure in the first quarter, with land mortgages valued at Dh24.1 billion and land sales Dh17.4 billion. Sales and mortgages of residential units were worth DhD13 billion and Dh3.1 billion respectively.

“The figures 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,” added Bin Mejren.

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