The Dubai Land Department has released a statement indicating the total value of property transactions in the first nine months of the year has reached a very impressive Dh83 billion. A total of 20,925 sales were completed during the period, and 5,042 mortgage transactions worth Dh36.3 billion were also finalized.
A number of these transactions involved first-time commercial property investors who were looking to take advantage of price corrections in the market over the past two years, according to Sultan Butti Bin Mejrin, Director General of the Dubai Land Department.
The total number of land sale and all types of mortgage transactions added up to 5,488, with a value of over Dh54 billion. From January-September, there were 3,327 land sales of different types that added up to over Dh20.5 billion. A total of 1,636 land mortgage transactions worth over Dh30.9 billion were arranged.
Sales numbers for buildings and villas during this period hit 1,451 transactions for a total of Dh4 billion in sales. A total of 917 buildings worth Dh2 billion changed hands. The number of mortgage transactions on buildings was 487 for a total of Dh1.6 billion in funding.
The most traded area in the country was Wadi Al Safa by number of land transactions. A total of 403 transactions were recorded for this area alone. Burj Khalifa was No. 1 for most number of units traded with 3,305 in sales transactions. Al Barsha South First had the most land mortgage transactions in Dubai with 203 mortgages closing in the first nine months of 2012.
Given the numbers of commercial real estate transactions to date this year, investors will certainly be considering making further purchases in Dubai as the market is very favourable at present.
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