Above Dh218 billion realty transactions recorded in 2014

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Above Dh218 billion realty transactions recorded in 2014

Above Dh218 billion realty transactions recorded in 2014

Real property dealings worth above Dh218 billion were registered in Dubai in 2014, according to a report revealed by the Dubai Land Department (DLD).

Sales accounted for 51% of the total value of dealings, as mortgages took a 44% share. Realty agents stated that cash investors still outnumber those taking out mortgages in the Dubai market.

The total number of sales dealings arrived at 38,113, with the value beyond Dh112 billion. The market recorded 12,511 mortgage transactions above Dh97 billion.

According to Sultan the Butti bin Mejren, director-general of DLD, the real property market has revealed an apparent capacity to increase thrust from year to year, besides preserving sustainable development, plus the trend towards improvement.

Subjective proof proposes that Dubai property prices had cooled in the second half of 2014 after heady increase in the initial months.

The cooling of the Dubai residential market over the past six months has been welcome news for those wishing to buy or rent properties in the city, as it followed two years of very strong growth.

This time last 2014, there was numerous talk concerning another bubble in prices, but it is currently clear that that bubble no longer exists and prices have revealed little or no improvement in most areas over the past six months.

Mohamed Dekkak