Real estate transactions in Dubai hit $72 billion in 2015

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Around $72.7 billion of real estate contracts has been achieved in Dubai last year.

Real estate transactions in Dubai hit $72 billion in 2015

Real estate transactions in Dubai hit $72 billion in 2015

There were 63,719 contracts marked in the line of 2015, which corresponded to an 8% upsurge on the previous year’s statistics, according to report.

There were more than 48,000 sales contracts, with a total value of $35.39 billion, while mortgages amounted to 12,000 contracts with a total value of $31.85 billion.

The Dubai market has achieved a phase of clever development and balanced trade with the needs by the various sides in the real estate market.

Sales and mortgages regarding land contracts were worth above $52.82 billion in 2015, with a total of 16,751 transactions. Commercial lands constructed on accounted for the lion’s share in terms of value for the type of land, with 40% in total.

Keeping this momentum for years shows that the real estate market in Dubai is able to persist to fascinate investors across world, which signifies that it is still expected to preserve sustainable development again for years to come.

The Al Yafra 2 area of Dubai was divulged to be the most appealing for investors, with the value of contracts from sales of land obtaining $893.1 million through 1,563 sales contracts. Then the Al Hebeya 3, which had a total of 1,360 sales contracts worth $1.07 billion, while Al Yafra 3 followed with 926 contracts worth $465.6 million.

The first position was taken by the Business Bay in unit sales, with 3,212 contracts worth $1.34 billion, followed by Al Hebiya 4, with 3,080 contracts worth $700 million. Third is Dubai Marina with 3,059 contracts worth  $1.69 billion.

Mohamed Dekkak

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