By Parag Deulgaonkar www.emirates247.com
The total value of real estate transactions rose by almost 22 per cent to Dh27 billion in the first half of 2012 compared to Dh22 billion same period last year, Dubai Land Department data reveals.
Burj Khalifa area (Downtown Dubai and Business Bay) topped the list of most traded areas in value terms, while Al Thanyah Fifth (Jumeirah Lakes Towers) registered the highest number of transactions in the first half of the year.
In Marsa Dubai (Dubai Marina), a total of 1,915 transactions worth Dh3.58 billion were registered. Burj Khalifa reported 1,846 transactions valued at Dh3.6 billion while 2,249 transactions of Dh2.26 billion were done in Jumeirah Lakes Towers.
Total transactions in Palm Jumeirah reached 719 and were valued at Dh3.42 billion. Al Thanyah Fourth (Springs, Meadows, etc) registered 444 transactions worth Dh1.77 billion, while Al Thanyah Third (Greens, Views) saw 567 transactions of Dh875 million.
In 2011, DLD recorded 35,297 transactions worth Dh143 billion – a 20 per cent increase compared to 2010. Mortgages formed 60 per cent of the total transactions, which the DLD said indicates the “recovery of the property financing and the return of healthy activities.” More info