Dubai authorities represented by DLD have officially proved the stable development of the emirate’s housing market: 63,710 real estate transactions were concluded in 2015 in Dubai, which is 8% more than in the previous year.
A more detailed analysis of the results shows that sales transactions accounted for 48,000 of deals totaling USD 35.40 billion. Mortgage lending also increased its share: about 12,000 housing transactions in Dubai were concluded in 2015 using mortgages totaling USD 31.86 billion.
46,968 real estate transactions totaling USD 19.6 billion fall on the ready housing sector, i.e. buildings and units, and land sales transactions accounted for 16,750 of deals worth a total of USD 52.82 billion.
Business Bay and Dubai Marina most expectedly topped the list of the most active Dubai locations in terms of the finished property sales transactions number. About 3212 units worth in total about USD 1.35 billion were sold in Business Bay in 2015. For Dubai Marina the similar figures stand at 3059 deals worth USD 1.70 billion. Dubai Marina also managed to outperform all the other emirate’s locations by a number of mortgage sales transactions — 927 apartments were sold there using loans totaling USD 490 million.
The list of top active Dubai locations in terms of transactions number in 2015 also included such locations as Al Yafra 2 (the biggest number of land plot sales totaling USD 890 million), Al Hebeya 3 and Al Barsha South 1.
Sultan Butti Bin Merjen, Director General of DLD, said: “These quarterly reports issued by our experts assure that 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. If we look at the moves that have been recorded over the past year details, 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,”
Bin Mejren added: “The market has become more innovative, and the developers were keen to boost the new projects with facilities that aim to satisfy the residents. 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.”