In attempt to systematize the main trends in the Dubai real estate market in the first half of 2015 Dubai Land Department (DLD) has introduced a new summary statistics based on the data already received, systematized and processed, The National cites.
So, the amount of real estate transactions concluded in the emirate in the first quarter of 2015 reached US $ 17.4 billion. US $ 6.54 billion of this amount was generated through property and land sales, and another US $ 10 billion — through the provision of new housing loans.
More detailed statistics reports that the amount driven by ready property or buildings under construction sales during this period equates to US$ 3 billion, of which US $ 2,29 billion accounted for residential property transactions, US$ 600 million — for business property, and the remaining amount covers other property sales transactions.
Business Bay proved to be the most popular district among property buyers in Dubai: 1,202 properties were sold there in the first quarter worth a total of US $ 500 million. And the second popular district was Dubai Marina.
Gulf investors paid US $ 2.45 billion of the total US$ 17.4 billion. Indians bought property worth of US $ 820 million and United Kingdom citizens paid US $ 530 million for property in Dubai in the first quarter. Iranian and Russian buyers rounded out the top five nationalities of non-Arab investors.
“The figures in this report are showing a well-established trust in our real estate market,” said the DLD director general, Sultan Butti bin Mejren.
JLL’s report on Dubai’s property market in the first quarter stated that apartments rose in value by 7 per cent year-on-year, while villa prices increased by 6 per cent.