DLD’s realty transactions hit AED55bn

Dubai / Emirates Business

Dubai Land Department (DLD) is set to participate in the 4th Dubai International Government Achievements Exhibition (DIGAE), an event conducted under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, from April 11-13 at the Dubai International Convention and Exhibition Centre. The initiative serves to highlight Dubai’s position as a destination of excellence and creativity through innovative services and smart applications such as “Smart Judge”, “Al Mahara service” and “E-Step.
In its role as a strategic sponsor, DLD will be focusing on local and global government achievements by showcasing its top accomplishments in the real estate sector. Experts from DLD will also be on-hand to share their knowledge of the real estate industry with an audience of global participants.
“Although we are a local department, our services are accessible to local communities as well as global investors in the real estate sector,” said HE Sultan Butti Bin Mejren, Director General of DLD. “DIGAE is a unique and important platform for paving the way towards the Dubai Plan 2021, which aims to transform our beautiful city into a smart, sustainable living space through economic contributions and innovation. As such, we are pleased to contribute to the success and visibility of our city,” he added.
DLD representatives will also be unveiling the driving force behind its highly anticipated “Al Mahara” service, which forms part of the Dubai Land Department’s goal of providing the very best services exclusively for women by providing a luxury car to their doorstep. Along “Smart Judge,” the contemporary application provides critical information to both ends of a rental relationship before entering into the various stages of litigation, and instructs parties about whether they are entitled to file a lawsuit. In addition, DLD has also invented “E-Step,” an unconventional application that is the first of its kind in the world related to real estate registration departments. Through cutting-edge technology, the E-step aims to speed up the various stages of buying and selling transactions for real estate investors from any location, ensuring timely receipt of the title deed.
Transactions Report
Dubai Land Department (DLD)’s first quarter of 2016 report issued by the Real Estate Research and Studies Department has announced that the total amount of real estate transactions recorded in the emirate reached AED 54,782 billion, through 12,568 transactions. The report reveals that the sales crossed the 8440th transaction with a total value of AED 21.687 billion, while mortgages crossed 3213 with a total value of AED 24.902 billion. Another 915 transactions with a total value of AED 8.193 billion were also recorded.
Sales and mortgages related to land transactions recorded more than AED 42.729 billion from the total real estate figure for Q1 2016, with a total of 3676 transactions, while the commercial lands acquired the lion’s share. Looking at the value of transactions by the buildings and units, transactions exceeded 8,722, while 1,796 commercial units were acquired along with 1,535 building units, with a total value of AED 12.053 billion through 8892 transactions.
As for Areas, “Seeh Shoaib” area of Dubai was revealed to be the most attractive for land sales, followed by “Al Hibiya 3” and “Al Yafra 3”. As for mortgages, “Al Thunaya 5” came in first, followed by “Al Hebiya 3” and “Al Thunaya 4”. Looking at units sales, “Dubai Marina” came in first, followed by “Burj Khalifa” and “Business Bay.” As for mortgages, “Dubai Marina” took the top spot, followed by “Muaisem 1” and “Business Bay”.
With regards to buildings, “Sheikh Mohammed Bin Rashid Gardens” were the most prominent, followed by “Al Yalayis 1” and “Al Thunaya 4”.
Investments Report
The transactions report has revealed that the sum of real estate investment transactions for Q1 of 2016 has reached AED 25 billion. The report showed that 11,353 investors of 127 nationalities made real estate investments in Dubai’s property sector.
DLD’s investment report revealed that citizens of Gulf Cooperation Council (GCC) states contributed AED 9 billion from 3,476 investors. Emirati investment formed the lion’s share of this figure, with total transactions of AED 6.1 billion, while citizens of Saudi Arabia came in at second place after making transactions worth AED 1.8 billion, followed by Kuwaiti nationals.
Arab investors from outside the GCC’s contribution to the real estate market reached more than AED 3 billion, with 1,486 individuals of 16 nationalities making investments.
The total value of foreign investment in the Dubai real estate market amounted to more than AED 12 billion, with 105 nationalities from 6,391 investors.