Rise in number of transactions fails to offset decline, Dubai Land Department data reveals
A 22.8% increase in the number of real estate transactions in Dubai in the first half of 2016 could not prevent the total value of deals dropping 12.4% year-on-year, according to a report by the Dubai Land Department (DLD).
The figures revealed that the total value of real estate transactions in Dubai during the first half of the year was $35.12 billion (AED 113 billion), spread across 28,251 transactions, compared to 23,000 recorded for the same period last year. Despite the increase in activity, the actual value of the transactions fell by AED16 billion when compared to the half-yearly figures released by DLD last year.
In the first half of this year, outright sales of property contributed AED48.715 billion over 20,016 transactions, the DLD reported, while 6,391 mortgage transactions fetched AED48.366 billion and 1,844 other transactions accounted for the remaining AED16 billion.
The most popular areas with buyers were Business Bay, in the top spot for the second year running, followed by Dubai Marina. The two locations, respectively, saw 1,643 transactions worth AED2.349 billion and 1,392 transactions worth AED2.893 billion.
“Dubai has achieved a high percentage of growth, with the value and the number of real estate transactions, which provides reassurance about the positive development that the Dubai property market is witnessing, and proves the attractiveness of the emirate’s real estate,” said Sultan Butti Bin Merjen, director general of DLD, in a statement by the department.