Dubai Real Estate Sales Jump

Stats from Dubai Land Development indicate a 30% jump in sales from the same period last year. Both local and international investors have been more active in the …

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Stats from Dubai Land Development indicate a 30% jump in sales from the same period last year. Both local and international investors have been more active in the area over the last six months, and experts say the advent of the mortgage market and increased lending are fueling transaction growth. Increased demand is also driving up prices, particularly in the luxury development sector. The Akoya development, for example will feature a spa, boutique hotels and international schools, and will be anchored by the prestigious Trump International Golf Club. For more on this continue reading the following article from Property Wire.

Property sales in Dubai have increased in the first six months of 2013 compared with the same period a year ago, according to the latest figures from the Dubai Land Department.

The total value of real estate transactions in Dubai for the first half of 2013 was AED108 billion from 30,469 transactions, an increase of 30% from the same period in 2012.

More people are buying with mortgages as property lending in the emirate grows. Mortgages accounted for AED51.3 billion of sales, a 47% increase amounting to 6,050 transactions.

‘The high percentage of growth reflects ongoing real estate developments in the emirate that continue to attract local and international investors to Dubai,’ said Sultan Bin Mejren, director general of the Dubai Land Department.

Bin Mejren pointed out that the real estate market in Dubai continues to provide an ideal environment for investment in terms of durability, flexibility and transparency. Investors continue to capitalize on opportunities that have risen as a result of price corrections witnessed in the market over the past two years.

He also explained that the price index has shown an upward trend over the past few months as a result of increasing demand to purchase land, villas and apartments for distinguished projects in Dubai.

Al Thenaya Al Khamesa was the most active in terms of transactions made and their value, with AED3 billion from 738 sales and Dubai Marina took the lead in terms of value and amount of sales on apartments, with AED6.6 billion from 3,748 transactions.

Meanwhile, Damac Properties, the largest luxury developer in the region, has released the first golf condominiums at its Akoya development, which will include the Trump International Golf Club.

The properties will each have views of the golf course and prices start at AED900,000 for a studio, with one, two, three and four bedrooms also available.

‘We expect these highly desirable and unique units to prove hugely popular with international investors looking to capitalise on Dubai’s position as the world’s top performing rental market,’ said Damac managing director Ziad El Chaar.

‘Dubai is back driving the international property market and all eyes are on the Emirate again. It is the right time to bring a new living concept to Dubai and these condos will deliver a great opportunity to those looking for a secluded, peaceful lifestyle just a short distance from the bustling city,’ he added.

Akoya by Damac is the company’s largest development to date covering 28 million square feet off Umm Sequim Road. It will also include a spa, boutique hotels and international schools as well as globally recognised retail brands, leisure and entertainment and a sports complex.

The first phase of luxury villa sales at Akoya was launched in June, with prices starting from AED2.4 million.

This article was republished with permission from Property Wire.

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