By Deepthi Nair www.khaleejtimes.com
Dubai -— Real estate transactions worth over Dh218 billion were recorded in Dubai in 2014, according to an annual report issued by the Dubai Land Department (DLD).
Sales accounted for 51 per cent of the total value of transactions, while mortgages took a 44 per cent share. Real estate agents said that cash investors still outnumber those taking out mortgages in the Dubai market.
The total number of sales transactions reached 38,113, with the value exceeding Dh112 billion. The market recorded 12,511 mortgage deals exceeding Dh97 billion.
Sultan Butti bin Mejren, director-general of DLD, said the real estate market has shown a clear ability to gain momentum from year to year, in addition to maintaining sustainable growth, as well as the trend towards maturity.
However, Craig Plumb, head of research at consultancy Jones Lang LaSalle Mena, said that the value of real estate transactions in Dubai declined in 2014, marking the first decline since the global financial crisis began in 2008-09. More info