Business | Property
Land transactions in Dubai top Dh2b
The total value of land transactions in Dubai last week peaked at Dh2 billion, of which sales exceeded Dh1.33 billion, according to the Land Department. The total value of mortgages during the period was Dh673.55 million, according to the Land Department.
- Staff Report
- Published: 23:51 January 15, 2009
Dubai: The total value of land transactions in Dubai last week peaked at Dh2 billion, of which sales exceeded Dh1.33 billion, according to the Land Department. The total value of mortgages during the period was Dh673.55 million, according to the Land Department.
A total of 46 sale transactions were registered with the Department by the end of the week, the most valuable of which was a plot in Jebel Ali that was sold for Dh34.12 million.
The next two most prominent sales saw a second plot in Jebel Ali acquired for the sum of Dh34.12 million and another in Jebel Ali for Dh29.88 million.
The Palm Jumeirah area was the most active in terms of the week's sales, with 11 transactions. Jebel Ali followed it with 10 sales.
During the period, Jebel Ali recorded the highest turnover by value, at Dh280.27 million, followed by the Palm Jumeirah area, Dh53.17 million, and Al Warsan First area, Dh21.23 million.
The biggest area sold was the 29,212.39 square feet in the Jebel Ali area, which went for Dh9.3 million. A 27,863.48-square foot plot in the Emirates Hills Third Area was acquired for Dhs2.2 million, while 15,160.63 square feet of Jebel Ali was sold for Dh29.88 million.
During the period under review 40 mortgages worth Dh516.7 million were registered, the most significant of which was Dh70 million for an area at Wadi Al Amardi. There was another for Dh60 million on an area in World Islands.
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