Property

Dubai real estate market sees $3.2bn of deals in fortnight

Dubai Land Department director general says investor confidence growing in 2017

Dubai’s real estate market generated transactions worth $3.2bn during the first 15 days of January 2017, according to the latest report issued by Dubai Land Department (DLD).

“By studying the index at the end of last year, DLD predicted that the market would enter a new phase of momentum and growth in 2017, as investor trust is growing and property is attracting new interest from a variety of buyers,” said HE Sultan Butti Bin Mejren, director general of DLD.

The fourth quarter of 2016 witnessed major transactions in many areas. Two land plots in the Al Hebiya 4 district were sold for $245m, while another land plot in the same area was valued at $204m.

In terms of units, Dubai Marina recorded the highest value transaction of $8m, while two units in the Al Thunaya 4 district were valued at up to $7.7m each.

During the first 15 days of 2017, land plots recorded 520 transactions worth $2bn, while land sales claimed the majority share in terms of volume, generating 306 transactions worth over $86m. Mortgages, in terms of value, reported 190 transactions worth $1bn.

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