Business | Property
Property still selling despite credit crunch
The total value of land transactions in Dubai last week reached Dh2.62 billion, of which sales exceeded Dh1.12 billion.
- Staff Report
- Published: 23:45 December 18, 2008
Dubai: The total value of land transactions in Dubai last week reached Dh2.62 billion, of which sales exceeded Dh1.12 billion.
The value of mortgages during the period was Dh1.50 billion, according to the Land Department. A total of 52 transactions were registered with the Department by the end of the week, the most valuable of which was a plot along Shaikh Zayed Road, which sold for Dh54.195 million.
The next two most prominent sales saw a second plot on the Palm Jumeirah acquired for Dh50.79 million and a second on Shaikh Zayed Road bought for Dh42.69 million.
The Emirates Hills-3 area was the most active in sales this week, with some 14 transactions. Palm Jumeirah followed with 13 sales.
Record turnovers
During the period, Shaikh Zayed Road recorded the highest turnover by value, at Dh176.36 million, followed by the Palm Jumeirah area, Dh105.24 million, and Emirates Hills-3 area, Dh65.72 million.
The biggest area sold was 442808.24 sq ft in the Palm Jumeirah area, which went for Dh50.79 million. A 46,123 square foot plot on Shaikh Zayed Road was acquired for Dh54.2 million, while 42649 square feet of Al Jadaf was disposed of for Dh25.29 million.
During the period under review 97 mortgages worth Dh1317.46 million were registered, the most significant of which as the Dh461 million for an area in Emirates Hills-1. There was another for Dh300 million on an area in Al Mina.
Apartments and villas in freehold areas witnessed the registration of 418 sales transactions out of which 383 were for apartments for a total of 295.37 million and 35 for villas at a total of Dh175.53 million.
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