January 19th, 2017 by Own A Space
The annual report of Dubai Land Department’s (DLD) has unveiled the total value of real estate transactions tracked in the Emirate in the year 2016 as Dh259 billion.
Opining on DLD’s annual report, The Director General of DLD, Sultan Butti Bin Merjen says that the findings in the report certify that the real estate market in Dubai has reached a point of the phase where maturity and stability shows and that it is heading towards sustainable growth.
Picture Courtesy: takticalrealty.com
He predicts that the real estate market of Dubai will further gain momentum in this year, signifying an upward trend with sustained growth in the run-up to Expo 2020.Real Estate Research and Studies Department at DLD issued the annual report which shared the news.
It involves a detailed insight into the real estate scene of Dubai, the infrastructure and preparations of mega-projects, for Expo 2020 which also discloses that the market is forecasted to gain from this new wave of activity and development this year.
Developers have raised the standard to meet the challenges of this new growth phase, by launching new projects valued at around Dh100 billion, also by completing mega-projects and development of new services to meet increasing demands from various real estate sectors.
DLD’s annual report also shows that a total of 60,595 real estate transactions in 2016 are recorded by the Emirates, which went beyond Dh259 billion in worth.
Around 41,776 sales transactions happened which represented a total value of Dh103 billion, while the 15,000 transactions of the mortgage were equivalent to a value of Dh128 billion.
Picture Courtesy: emirates247.com
Last year, land sales and mortgage transactions depicted a total value of Dh193 billion from over 15,994 transactions which resolve down to mortgages bringing in around Dh114 billion via 5,145 transactions, while sales were insured of Dh55 billion from 9,892 transactions.
Commercial land (already built on) in terms of value, claimed the biggest share, representing 30 percent of the total worth got safe by transactions in 2016.
By segmenting sales and mortgage transactions down with buildings and units, DLD’s report identifies that around 44,602 transactions took place, representing a total amount of Dh66 billion.
Building sales were recorded as 2,626 transactions of Dh7 billion, while the units handled 29,258 transactions of Dh51 billion. In addition to this, the report testifies 1,391 building mortgage transactions of Dh3.4 billion, and 8,000 unit mortgage transactions of Dh10.5 billion.
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