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Dubai Land Department DLD has announced that the total amount of real estate transactions recorded in the emirate last year exceeded Dh 236 billion. A financial report issued by Real Estate Sector Development Department, recorded Dh 166 billion worth of land mortgages and sales and Dh 62 billion of housing unit mortgages and sales for 2013, with the total number of transactions jumping 53 per cent from 2012 figures to reach a total of 63,652.
DLD s report tracked the organisations activities until December 31st 2013, revealing that sales accounted for half of the total value of transactions at 50 percent, with the share of mortgages at 46 percent, leaving all remaining operations at only four percent of total activity. Compared with 2012 data, the figures represent an increase in turnover of 53 percent, with the growth in the number of transactions topping 52.4 percent.
Commenting on the impressive results, Sultan Butti Bin Merjen, Director General of DLD , said: “The transaction figures for 2013 reveal a high level of optimism currently prevailing in the real estate market. 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 Dubais winning bid to host World Expo 2020.” Sales and mortgages relating to land transactions accounted for the lions share of the total real estate figure for 2013, with the Dh 166 billion figure representing 70 percent of the total. The Dh 62 billion figure for housing unit transactions was the second highest at almost 26 percent, while the remaining four percent of other activity was worth Dh 8.7 billion.