Dubai property deals hit $22.6 billion in 2012

The total value of property transactions in Dubai have reached more than $22.6 billion in the first nine months of 2012, a senior official said on Sunday.

Director General of the Dubai Land Department, Sultan Butti Bin Mejrin, said the emirate saw 27,452 transactions at a rate of 150 daily deals and 20 per hour, Arabian Business quoted him as saying.

“The property transactions have become more mature and the investors are now much more aware. The market offers multiple-choices and Dubai property sector showed high flexibility in dealing with investors’ requirements and trends during the first 9 months,” he said.

The transactions include sales, mortgages, ijarah, mortgage portfolios and deferred sales among others.

Bin Mejrin said prices in Dubai “took an upward trend during the past few months due to the demand and purchase transactions of land, villas and apartments in certain distinguished projects in Dubai.”

Sales dominated most of the transactions with 20,925 sale transactions at the value of more than $12 billion.

Sales account for 52 percent of the total transactions while mortgages accounted for 44 percent at $10 billion.

The world’s tallest tower, Burj Khalifa, topped the list of most traded areas in terms of units with 3,305 sale transactions.

Dubai’s suburb of al-Barsha South was one of the most traded areas with 203 land mortgage transactions and Burj Khalifa came second at 442 apartment transactions.