Dubai records land transactions worth Dh143b

Dubai Land Department has recorded 35,297 transactions worth Dh143 billion last year, a 20 per cent increase in value over 2010 records, a statement said. The transactions include sales, mortgages, ijarah, mortgage portfolios, deferred sales and other transactions. Sultan Butti bin Mejrin, Director General of the Land Department, said, "The transactions' quantity, quality and procedures reflect the recovery and growth of the real estate market in Dubai due to the direct support from the local government that spared no effort to achieve market's stability and growth, enhance the attractiveness of real estate investment along with boosting the confidence of investors." Last year has seen an 12 per cent increase in mortgages compared to the value recorded in 2010. The mortgages represent 60 per cent of the total transactions conducted in 2011, this indicates the recovery of the property financing and the return of healthy activities. Bin Mejren indicated that the total value of the transactions clearly reflect the unequivocal return of the real estate market to normal levels, the exit of speculators, the maturity of the real estate market, the increased investor awareness of the importance of long-term investment in this vital sector. The research and survey section in the department showed that the real estate market in Dubai witnessed an overwhelming response from investors during the last year, say Bin Mejren. This according to him "demonstrates the ability of Dubai to fully recover from the challenges of the international crisis and prove once again the strength of Dubai's economy" a statement said. Bin Mejren stressed that the market saw a state of stability and increased demand from investors in buying properties and grasp investment opportunities in past two years. He expected that the market will see continued strong recovery in the coming period, which will encourages investors to increase their investments in Dubai real estate market due to the high levels of confidence, stability and commercial appeal it enjoys. The 2011 transaction report issued by the Land Department indicates that the investors tend to invest more in flats through sales and mortgage that reflects the state of confidence and stability in the real estate market. The total flats' sales and mortgages transactions rose to 26,465 worth Dh43 billion, including 20,426 flat sales' transactions were reported last year worth Dh27 billion, while 5,568 mortgage transaction worth Dh15 billion were registered in different parts of the Emirate of Dubai in 2011. The plots' sales and mortgages amounted to Dh94 billion whereas plots' sale saw 2,961 transaction at the value of Dh22 billion, while 3,315 mortgage transactions worth Dh69 billion were registered in 2011. Total transactions for villas in Dubai last year reached Dh6 billion. As many as 1,179 villa sales' transaction were reported last year worth Dh4 billion, while 655 mortgage transactions worth Dh2 billion were registered in different parts of Dubai in 2011. The Dubai Land Department was established in January 1960 to provide a systematic method for registration of land and property and protect the rights of clients and ensure all legal aspects relating to the sale and purchase of land, which enabled the department to organise the registration process aimed primarily at protecting all relevant parties. In order to organise and develop the real estate sector in the emirate Real Estate Regulatory Authority was officially established as a subsidiary of the Dubai Land Department in 2007.