The total value of real estate transactions conducted in Dubai last year exceeded $72.7 billion, officials said.
There were 63,719 transactions recorded over the course of 2015, which represented an 8% increase on the previous year’s figures, according to the Dubai Land Department’s annual report, issued by the Real Estate Research and Studies Department.
There were more than 48,000 sales transactions, with a total value of $35.39 billion, while mortgages amounted to 12,000 transactions with a total value of $31.85 billion.
“The Dubai market has reached a stage of wise maturity and rational dealing with the requirements by the various sides in the real estate market,” said Sultan Butti Bin Merjen, director-general of Dubai Land Department, in a statement released to WAM.
“If we look at the moves that have been recorded over the past year, we can see clearly the optimal policies followed by senior developers to diversify their products and put forward their proposals to acquire full confidence on the part of customers and investors.”
Sales and mortgages relating to land transactions were worth more than $52.82 billion in 2015, with a total of 16,751 transactions. Commercial lands already built on accounted for the lion’s share in terms of value for the type of land, with 40% in total.
“Keeping this momentum for years proves that the real estate market in Dubai is able to continue to attract investors from around the world, which means that it is still likely to maintain sustainable growth again for years to come,” said Bin Merjen.
The Al Yafra 2 area of Dubai was revealed to be the most attractive for investors, with the value of transactions from sales of land reaching $893.1 million through 1,563 sales transactions. This was followed by Al Hebeya 3, which had a total of 1,360 sales transactions worth $1.07 billion, while Al Yafra 3 followed with 926 transactions worth $465.6 million.
Business Bay took first place in unit sales, with 3,212 transactions valued at $1.34 billion, followed by Al Hebiya 4, with 3,080 transactions valued at $700 million. Dubai Marina came in third with 3,059 transactions at a value of $1.69 billion.
