Dubai property deals rise 63%
Real estate transactions touched Dh44bn in Q1.
The total value of real estate transactions in Dubai rose 63 per cent to Dh44 billion in first quarter 2013 compared to same period last year, data from Dubai Land Department (DLD) reveals.
The number of transactions amounted to 14,260 at a rate of 223 per day and 32 per hour with “impressive” growth registered in the residential and commercial sector.
Total sales transactions reached 10,913 valued at Dh24 billion, with mortgage amounted to Dh17.8 billion. Other transactions amounted to Dh2.2 billion.
Dubai Marina took the lead in terms of value of transactions, registering 2,079 transaction worth Dh3.5 billion as total value of residential transactions touching Dh13.9 billion.
In 2012, total value of real estate transactions rose 8 per cent to Dh154 billion compared to Dh143 billion in 2011.
UAE nationals had topped the list of investors in 2012 while Indians coming second in the list of top property buyers.
Total investments by Gulf Cooperation Council, Arab and foreign investors stood at Dh58.6 billion with the total number of investors reaching 18,635, while foreign investors, numbering 13,573, invested Dh36 billion in the market.
Sultan bin Mijrin, Director-General, DLD, said: “Dubai real estate market has shown durability and flexibility when it comes dealing with the requirements of investors, with the past three months showing a new breed of investors entering the market in order to capitalize on opportunities that have risen on the even of price correction witnessed in the market over the past two years.”
He added: “As the market continues to unfold, investors will be encouraged to increase their spending in Dubai.”
Jones Lang LaSalle, a global property consultancy, in its first quarter 2013 report, said Dubai property sales prices were about 18 per cent higher in the first quarter of 2013 compared to the year earlier period.
Recently, Deutsche Bank said real estate prices and rents in Dubai rose for the 16th consecutive month in March, continuing the steady recovery in the sector.
Property prices increased by 1.5 per cent from February to March with price increases recorded across most areas, with prices and rental values remaining significantly below their peak of 2008.