Dubai, UAE, January 18, 2017: According to the latest report issued by Dubai Land Department (DLD), Dubai’s real estate market has experienced a strong start to the year, generating transactions worth up to AED 12 billion during the first 15 days of January 2017.
His Excellency Sultan Butti Bin Mejren, Director General of DLD, said: “The growth achieved in the fourth quarter of 2016 has paved the way for sustained growth at the outset of the New Year. 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 building and certain areas of the city are attracting new interest from a variety of buyers.”
The fourth quarter of 2016 witnessed major transactions in many areas. Two land plots in Al Hebiya 4 were sold for AED 900 million, while another land plot in the same area was valued at AED 750 million. Buildings also recorded high transaction numbers during this period; in Dubai Marina, two buildings were sold for a total of AED 17 million, while a building in Al Thunaya 4 was sold for AED 7.4 million. In terms of units, Dubai Marina recorded the highest value transaction of AED 29.7 million, while two units in Al Thunaya 4 were valued at up to AED 28.3 million each.
Bin Mejren: the real estate market has experienced a strong start to the year and will continue its upward trend
During the first 15 days of 2017, land plots recorded 520 transactions worth AED 7.511 billion, while land sales claimed the lion’s share in terms of volume, generating 306 transactions worth over AED 3 billion. Mortgages excelled in terms of value, after reporting 190 transactions worth AED 4 billion.