Dubai realty deals worth Dh12bn

Nearly 974 property transactions close to Dh2 billion were registered in Dubai Marina during the first quarter 2012, Dubai Land Department (DLD) data reveals. Burj Khalifa area (Sheikh Zayed Road, Downtown Dubai and Business Bay) saw a total of 854 transactions worth Dh1.76 billion, while 330 transactions of Dh1.61 billion were registered in Palm Jumeirah. Al Thanyah Fifth (Jumeirah Lakes Towers) reported 1,107 transactions of Dh1.02 billion. Al Thanyah fourth (Springs, Meadows, etc) registered 182 transactions worth Dh640 million, while Al Thanyah three (Greens, Views) saw 253 transactions of Dh319 million. In Al Barsha South (Jumeirah Village), there were 406 transactions of Dh391 million. In the first quarter, nearly 6,249 transactions of over Dh12 billion were registered with the department. 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.” Total number of investors reached 24,607 who invested Dh47 billion. Out of that, the GCC nationals invested Dh12 billion. Indians, however, had topped the list of first-time property buyers in Dubai for 2011, having bought properties worth Dh2.1 billion. Earlier this month, Jones Lang LaSalle said that the Dubai residential real estate market appears to have bottomed outwit prices now at rates similar to early 2008 levels. In March, Knight Frank said real estate in Dubai had not only stabilised, but prices had increased by 2.3 per cent on average in the last quarter of 2011.