Dubai real estate transactions hit Dh259 billion in 2016

UAE Dubai Land Department

Dubai recorded real estate transactions worth Dh259 billion over the course of last year, according to the annual report published by Dubai Land Department.

A total of 60,595 real estate deals were recorded in the emirate including 41,776 sales transactions with a total value of Dh103 billion and 15,000 mortgages worth Dh128 billion.

“The real estate market in Dubai has reached maturity and it’s heading towards sustainable growth” said Sultan Bin Mejren, the director of general of DLD, commenting on the report findings.

The report mentioned that Dubai property investors have shown their interest in exploiting the market’s momentum driven by the government’s launch of new real estate and infrastructure projects with a total worth of Dh100 billion.

Segmenting the real estate deals by type, the report showed that land sales and mortgages reached Dh193 billion over 15,994 deals. Mortgage transactions reached 5,145 worth Dh114 billion, while sales actions reached 9,892 worth Dh55 billion.

Building sales recorded 2,626 transactions worth Dh 7 billion, while units totaled 29,528 deals worth Dh51 billion. Moreover, building mortgages hit 1,391 deal with a total worth of Dh3.4 in addition to 8,000 unit mortgages worth Dh10.5 billion.