Official statistics on real estate transactions in Dubai published in a fresh report by Dubai Land Department clearly indicates further sales growth and a rise in prices: in the eight months since the beginning of the year, buyers and investors spent about AED158 billion on property units in the "future city", which it is nearly 43 billion in US dollars.
Commenting on the results, Sultan Butti Bin Merjen, Director General of DLD, was highly optimistic: “Real estate transactions in Dubai have demonstrated strong momentum since the beginning of this year, with growth increasing month by month - activity which substantiates that a positive correction in the domestic market is already well underway.”
Compared to the last year’s figures, this year’s buyers activity indicators have really spurred up, especially considering that this statistics was gathered for traditionally weak and quiet market period of summer months and Ramadan. Data given for June-August 2016 confirm: during this period more than 15,500 real estate transactions were conducted in Dubai amounting to the total of 60.5 billion AED (USD 16.48 billion).
Rather big part in proportion of all buying and selling transactions in Dubai’s real estate market, namely 42 per cent, was registered for mortgage sales deals: 8,428 mortgage transactions amounting to AED 71 billion (USD 19,34 billion) were recorded during this period in the emirate.
Business Bay took first place for total unit sales, followed by traditionally popular Dubai Marina and Burj Khalifa, and less famous Jebal Ali and Warsan 1.
Major Dubai government’s projects launched this year also influenced the statistics significantly. This is to be said, firstly, about grand infrastructure projects but also including a number of luxury real estate complexes on the Palm Jumeirah and in Deira. Entire buildings sales, land plots for construction sales deals also hit the statistics presented by DLD.
But the most spectacular launches, impressive projects and stunning new developments are yet to be revealed by developers and Dubai authorities soon: these days Dubai hosts the most momentous event of the real estate world in the region — Cityscape Global Property Show, where 272 exhibitors from 30 countries will present their newest creations. And the results of the event will give more grounds to discuss the most interesting and promising tendencies in real estate domain, as well as the emirate's real estate market new development vector for the near future.
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