UAE economy: Quick View – Property transactions on the rise in Dubai

Event

The total value of real estate transactions in Dubai reached more than Dh83bn (US$22.6bn) in the first nine months of 2012.

Analysis

The value of transactions conducted during the third quarter slowed to Dh20bn, having reached Dh63bn in the first half of the year. Sultan Butti Bin Mejrin, the director-general of the Dubai Land Department, said that the emirate saw 27,452 transactions between January and September. Transactions included sales, mortgages, Ijarah (Islamic leasing), mortgage portfolios, deferred sales and other transactions. The Land Department added that sales accounted for around 52% (Dh43bn) of the total transactions during the first nine months of 2012. Mortgages accounted for 44% of total transactions, with a value of Dh36.3bn.

The Land Department did not give updates on the number of projects that are currently on hold in the emirate, or those that have been restarted. In April it revealed that as of the end of March, work was expected to recommence on all of the 291 real estate projects that had been placed on hold in Dubai in the wake of the real estate crash. The Real Estate Regulatory Agency said that 165 projects had been completed since the beginning of 2009, but work on 29 projects had not yet commenced and 291 projects had stalled but were expected to be completed in due course.

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