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FINANCIAL NEWS
Dubai real estate deals exceed USD22.59b in Jan-Sep
22 Oct 2012
(MENAFN) The Dubai Land Department (DLD) stated that in the January-September period, real estate deals in the emirate reached 27,452, valued at more than USD22.59 billion, reported Emirates 24/7.
DLD’s Director General, Sultan Butti Bin Mejrin, said that the value of cash sales exceeded USD11.70 billion, and mortgage sales were at USD9.87 billion.
During the 9-month period, the main area that logged the bulk of land deals was Wadi Al Safa 5, with 403 transactions, whereas in units’ terms, the Burj Khalifa area topped the list of traded areas, with 3,305 sale deals.
He added that of the total transactions, cash sales represented 52 percent, mortgage deals 48 percent, while 1,485 were registered as usufruct rights (Musataha), donations and other types of property deals at the value of USD1 billion, representing 4 percent of the total transactions.
It is worth noting that nearly 65 percent of land deals were on land sales and mortgages, whereas apartment sale and mortgage surpassed transactions on buildings and villas by 86 percent.
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