The amount of Dubai property changing hands in 2013 rose by an eye-watering 53 per cent last year to Dh236 billion, according to official figures.
According to new data issued yesterday by the Dubai Land Department, the total amount of property or land in the city which was sold or mortgaged rose from Dh154 billion in 2012 to Dh236bn last year.
The organisation’s Real Estate Sector Development Department said that the number of property transactions taking place in Dubai also rose 52 per cent compared with the previous year to 63,652.
DLD said that the total value of sales and mortgages on pieces of land increased by nearly 50 per cent over the period from Dh111bn in 2012 to Dh166bn last year.
And the total value of sales and mortgages on completed apartments and villas stood at Dh62bn.
The area around Jumeirah Lakes Towers, Al Thenaya Al Khamesa, was the part of Dubai in which the highest values of real estate was transacted last year, with Dh9bn of property changing hands in sales and mortgages.
It was followed by Al Barsha South 5, Al Hibiya 3, Al Barsha South 4 and Wadi Al Safa 5.
Dubai Marina was the area with the highest value of apartment sales and mortgages, with Dh15.6bn transacted. Al Thenaya Al Khamesa was second, Burj Khalifa third, Al Warsan 1 fourth and Business Bay fifth.
“The transaction figures for 2013 reveal a high level of optimism currently prevailing in the real estate market,” said Sultan Butti bin Mejren, the director general of DLD.
“These can be attributed to the new regulations and procedures issued during the past year, which have contributed to the strengthening of trust and confidence between the various categories of investor. We are anticipating a further rise in the growth index this year, boosted by Dubai’s winning bid to host World Expo 2020.”
lbarnard@thenational.ae
