Dubai: The total value of property transactions in Dubai reached more than Dh83 billion in the first 9 months of 2012, Dubai Land Department said in a statement.

Sales dominated the transactions with 20,925 deals valued at Dh43 billion recorded. Sales accounted for 52 per cent of the total transactions in the first 9 months of this year while mortgages accounted for 44 per cent of the total transactions at the value of Dh36.3 billion through 5,042 transactions.

The 9 months results showed 65 per cent of transactions were on land sale and mortgage, while apartments’ sale and mortgage exceeded the same transactions on buildings and villas by 86 per cent.

“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, most notably first time investors who seek to benefit from investment opportunities that emerged due to price correction witnessed by the market over the past two years,” Sultan Butti Bin Mejrin, Director General of the Dubai Land Department (LD) said.

He noted that the total number of land sale and mortgage of all kinds reached 5,488 transactions at more than Dh54 billion. There were 3,327 land sale transactions of various types worth more than Dh20.5 billion, while land mortgage transactions were around 1,636 worth more than Dh30.9 billion.

Villas

The total number of sale and mortgage transactions on buildings and villas in the same period hit 1,451 transactions worth more than Dh4 billion, while the number of building sales reached 917 buildings worth more than Dh2 billion. The total number of mortgage transactions on buildings reached 487 buildings worth more than Dh1.6 billion.

The sale and mortgage on residential and commercial units reached 20,513 transactions valuing at around Dh25 billion whereas the sale transactions on units reached 16,681 transactions worth Dh2 billion while mortgage on other units reached 2,919 at the value of Dh3.6 billion.

The vacant lands dominated the land transactions with 57 per cent compared to lands with properties built on them. The transactions on units exceed those on buildings by 86 per cent, according to Bin Mejren.

The LD recorded Wadi Al Safa 5 as the most traded areas in term of a number of land transactions with 403 transactions. Burj Khalifa tops list of most traded areas in units terms with 3,305 sale transactions. While in the land mortgage transactions, Al Barsha South First was the most traded areas with 203 transactions whilst the Burj Khalifa saw 442 apartment mortgage transactions.