Number of transactions raise by 20% with 35297 transactions in 2011
Sales and Mortgage for plots hit AED 91 billion
Sales and Mortgage for flats hit AED 43 billion
The Dubai Land Department’s transactions for 2011 reached 35297 transactions valued around AED 143 billion last year in Dubai. The transactions include sales, mortgages, ijarah, mortgage portfolios, deferred sales and other transactions.
Sultan Butti bin Mejrin, Director General of the Land Department (LD) said the figures of 2011 showed a 20% increase in the total value of transactions in compared to 2010. The transactions’ quantity, quality and procedures reflect the recovery and growth of the real estate market in Dubai due to the direct support from the local government that spared no effort to achieve market’s stability and growth, enhance the attractiveness of real estate investment along with boosting the confidence of investors.
This year has seen an 12% increase in mortgages compared to last year. The mortgages represent 60% of the total transactions conducted in 2011, this indicates the recovery of the property financing and the return of healthy activities.
Bin Mejren indicated that the total value of the transactions clearly reflect the unequivocal return of the real estate market to normal levels, the exit of speculators, the maturity of the real estate market, the increased investor awareness of the importance of long-term investment in this vital sector.
The official date documented by research and survey section in the department of real estate development of LD showed that the real estate market in Dubai witnessed an overwhelming response from investors during the last year, says bin Mejren. This according to him demonstrates the ability of Dubai to fully recover from the challenges of the international crisis and prove once again the strength of Dubai’s economy.
The DG of LD stressed that the market saw a state of stability and increased demand from investors in buying properties and grasp investment opportunities in past two years. He expected that the market will see continued strong recovery in the coming period, which will encourages investors to increase their investments in Dubai real estate market due to the high levels of confidence, stability and commercial appeal it enjoys.
The detailed records of LD showed total of 35297 transactions in Dubai worth AED 143 billion in the last year. This includes sales, mortgage, ijarah, mortgage portfolios, deferred sales and other types of transactions.
The 2011 transaction report issued by LD indicates that the investors tend to invest more in flats through sales and mortgage that reflects the state of confidence and stability in the real estate market. The total flats’ sales and mortgages transactions rose to 26465 worth AED 43 billion.
According to the data of research and survey section in the department of real estate development, the plots’ sales and mortgages amounted to AED 94 billion. Plots’ sale saw 2961 transaction at the value of AED 22 billion, while 3315 mortgage transactions worth AED 69 billion were registered in 2011.
Total transactions for flats in Dubai last year reached 26465 at the value of AED 43 billion. 20426 flat sales’ transactions were reported last year worth AED 27 billion, while 5568 mortgage transaction worth AED 15 billion were registered in different parts of the Emirate of Dubai in 2011.
Total transactions for villas in Dubai last year reached AED 6 billion. 1179 villa sales’ transaction were reported last year worth AED 4 billion, while 655 mortgage transactions worth AED 2 billion were registered in different parts of the Emirate of Dubai in 2011.