Dubai Land Departments (DLD) recorded total real estate transactions of AED113bn ($31bn) in the first six months of the year via 28,251 sales, mortgages and other transactions.
The DLDs Transactions Report, issued by Real Estate Research and Studies Department, reveals that property sales and mortgages each contributed 43 percent of the total.
Commenting on the results, HE Sultan Butti Bin Merjen, Director General of DLD, said: “Dubai has achieved a high percentage of growth, with the value and the number of real estate transactions, which provides reassurance about the positive development that the Dubai property market is witnessing, and proves the attractiveness of the Emirates real estate.
Total land transactions achieved an AED 84bn figure, stemming from 7,552 transactions. Previously built-upon commercial lands acquired the lions share of value with 46% in total. Building transaction surpassed 20,699 with a total value of AED 28bn during the first half of 2016.
The Seeh Shuaib 1 area of Dubai was revealed to be the most attractive for investors, with the value of its transactions from sales of lands reaching AED 2.36bn through 1,227 deals.
This was followed by Sheikh Mohammed Bin Rashed Gardens with a total of 406 transactions worth AED 1.97bn, followed by Al Yafra 3 with 387 transactions worth AED 622mn.
Business Bay took first place for total unit sales, with 1,643 transactions with a combined value of AED 2.35bn, followed by Dubai Marina with 1,392 transactions with a collective worth of AED 2.89bn, whilst Warsan 1 came in at third with 999 transactions with a value of AED 454mn.