Official data issued by Dubai Land Department indicate that the scope of the Dubai real estate market is growing steadily. Thus, the total value of real estate transactions concluded in Dubai in the first six months of the year amounted to more than US $ 35 billion, the report by Dubai Land Department revealed.
This amount is 15% bigger than last year’s, when the H1 real estate transactions total amount in Dubai reached US $ 30.76 billion.
The main characteristic of the current situation in the Dubai housing market, which the Department report advises to pay special attention to, is that mortgage transactions volume for the first time exceeded cash transactions volume in the first six months of the year. 23 thousand real estate transactions were concluded in Dubai in the first six months of the year, of which more than 50% transactions were made using bank loans, and 41% were made using cash. In monetary terms, this amounts to US $ 17.7 billion for mortgage deals and US $ 14.43 for cash deals.
For comparison, 54% of transactions in the first half of 2014 in Dubai were concluded using cash, and 42% using loans, i.e. mortgages. Thus, the new data issued by the Land Department once again prove that the actual number of end users in the Dubai property sales market is growing steadily.
As for areas of Dubai, Business Bay showed to be the most popular Dubai district in terms of transactions number in the first half — transactions here amounted to US $ 680 million in monetary value; and Dubai Marina topped the list of Dubai areas by number of mortgage deals totaling to the amount of US $ 270 million.
“The report confirms beyond any doubt that the real estate sector in Dubai is heading towards sustainable growth,” said Sultan Butti bin Mejren, Director General of Dubai Land Department.